1. Equilibrium S3 EPA

2. D market Market of bread S market Price ($) 1 4 3 5 2 6 0 Quantity 68101412201618224

3. S D Equilibrium price ($4) Equilibrium quantity (12) Equilibrium point Price 0 Quantity

4. Price 0 Quantity S D ($4) P e Q e (12) ($2) P 1 Q d (18) Q s (6) When the market price (P 1 ) is lower than the equilibrium price (P e ), the quantity demanded (Q d ) will be larger than the quantity supplied (Q s ). Then, there will be a pressure to push the market price upward. A shortage (or an excess demand) will appear. Shortage

5. Price 0 Quantity S D ($4) P e Q e (12) ($6) P 2 Q s (18) Q d (6) When the market price (P 2 ) is higher than the equilibrium price (P e ), the quantity supplied (Q s ) will be larger than the quantity demanded (Q d ). Then, there will be a pressure to push the market price downward. A surplus (or an excess supply) will appear.Surplus

6. On 19.9.2014, a lot of buyers of iPhone 6 / 6 Plus lined up outside the Apple Store at IFC.

7. On that day, the market price of iPhone 6 / 6 Plus … What is this market situation? On that day, the market price of iPhone 6 / 6 Plus increased a lot.

8. S D ($4) P e Q e (12) Price 0 Quantity At equilibrium, the quantity demanded equals to the quantity supplied, there is no tendency for the price to change. Total Expenditure or Total Revenue