1. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply: Price Determination in Competitive Markets

2. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. 3-2 EXHIBIT 3.1 Hometown Demand for Jogging Shoes

3. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.2 The Demand Curve for Jogging Shoes In Hometown, U.S.A. 3-3

4. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.3 Income as a Determinant of Demand 3-4

5. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.4 Distinguishing Change in Demand from Change in Quantity Demanded 3-5

6. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.5 Hometown Supply of Jogging Shoes 3-6

7. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.6 The Supply Curve of Jogging Shoes in Hometown, U.S.A 3-7

8. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.7 The Impact of a Technological Advance on the Supply of Personal Computers 3-8

9. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.8 Distinguishing Change In Supply from Change In Quantity Supplied 3-9

10. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.9 The Demand and Supply of Jogging Shoes in Hometown, U.S.A. 3-10

11. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.10 Demand and Supply Curves for Jogging Shoes In Hometown, U.S.A. 3-11

12. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.11 The Effect of an Increase in Demand on the Equilibrium Price 3-12

13. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.12 The Effect of a Decrease in Demand on the Equilibrium Price 3-13

14. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.13 Effect of an Increase in Supply on Equilibrium Price 3-14

15. © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.14 Effect of Simultaneous Increases in Demand and Supply on Equilibrium Price 3-15