1. Demand A Schedule Showing the Consumers are Willing and Able to Purchase At a Specified Set of Prices During A Specified Period of Time Amounts of a Good Chapter 3: Demand and Supply

2. Price Quantity/ unit of time D

3. Price Quantity Demanded $ Per Unit of Time A Demand Schedule 10 0 8 1 7 2 6 3 4 4 3 5 1 6

5. 0,$10 1,$8 2,$7 3,$6 4,$4 5,$3 6,$1

6. 1,$8 2,$7 3,$6 4,$4 6,$1 0,$10 Demand 5,$3

7. A Schedule Showing the Amounts of a Good At a Specified Set of Prices During A Specified Period of Time Supply Producers Are Willing and Able to Place on the Market

8. Price S Quantity/ unit of time

9. Price Quantity $ Per Unit of Time A Supply Schedule 10 8 7 6 3 4 2 3 1 1 0 Supplied 6 5 4

11. 0,$1 1,$3 2,$4 3,$6 4,$7 5,$8 6,$10

12. Supply 1,$3 2,$4 3,$6 5,$8 0,$1

13. Equilibrium Demand and Supply Conditions

14. 10 0 6 8 1 5 7 2 4 6 3 3 4 4 2 3 5 1 1 6 0 Equilibrium Conditions Price $ Quantity Demanded Quantity Supplied Equilibrium

16. 0,$10 1,$8 2,$7 3,$6 4,$4 5,$3 6,$1 0,$1 1,$3 2,$4 4,$7 5,$8 6,$10 Supply Demand

17. Price Quantity/ unit of time D S

18. Price Quantity/ unit of time D S Q* P* Equilibrium Price & Quantity

19. Price Quantity/ unit of time D S Q* P* o o P Q D n n 1 2 P up, Q up Shift in Demand

20. Price Quantity/ unit of time D S Q* P* o o 1 Shift in Demand Q P n P down, Q down 2 D n

21. Shifters of the Demand Curve 1. Number of Consumers 2. Consumer Income 3. Consumer Tastes and Preferences 4. Consumer Expectations 5. Prices of Substitute And Complementary Goods

22. Price Quantity/ unit of time D S Q* P* o o P Q D n n 1 2 P up, Q up Shift in Demand Income increases

23. Price Quantity/ unit of time D S Q* o 1 Shift in Demand D 2 Q n P down Q down Income Decreases P* o n P

24. Shifters of the Supply Curve 1. Number of Producers 2. Costs of Production 3. Producer Expectations 4. Prices of Related Goods 5. Technology

25. Price Quantity/ unit of time D S S o n Q Q o n New Technology Shifts Supply Curve to the Right Price Down, Quantity Up P* o n P