demand, supply, and market equilibrium 3a mcgraw-hill/irwincopyright © 2012 by the mcgraw-hill...
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Demand, Supply, and Market Equilibrium3AMcGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Appendix
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LettuceSupply shifts left for lettuceWeather destroys part of the cropDemand doesnt changeConsumers still want as much lettuce as before Equilibrium price rises which will reduce the quantity demandedLO63App-*
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LettuceLO6D1S1Q1P1Quantity (pounds)Price (per pound)S2Q2P203App-*
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Exchange RatesExchange rates the price of one countrys currency in terms of another countrys currencyCurrency appreciation: the value of one of the currencies, in terms of the other, has increasedCurrency depreciation: the value of one of the currencies, in terms of the other, has decreased.LO63App-*
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Exchange RatesLO6 D1S1Q1$1.25Quantity of eurosDollar price of 1 euro D20$1.50Q23App-*
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Pink SalmonSupply shifts right for pink salmonNew technologyNew fishers enter the industryDemand shifts left for pink salmonIncreases in consumers incomeReductions in the price of substitutes
LO63App-*
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Pink SalmonLO6D1S1Q1P1Quantity (in pounds)Price (per pound)S2D2P2Q203App-*
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GasolineSupply of gasoline decreasesRefinery breakdownsMideast politics and warfareRising price of oilDemand for gasoline increasesConsumers incomes increasedLow mileage SUVs popularLO63App-*
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GasolineLO6D2S2Q1P2Quantity (in gallons)Price (per gallon)S1D1P1Q203App-*
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SushiSupply shifts rightIncrease in the number of sushi bars Demand shifts rightConsumers tastes for sushi increasesLO63App-*
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SushiLO6D2S2Q1Quantity (pounds)Price (per pound)S1D1P1Q203App-*
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Preset PricesPreset prices can cause market imbalancesOlympics Figure Skating FinalsPreset price results in a shortage of ticketsOlympics Curling PreliminariesPreset prices result in a surplus of ticketsLO63App-*
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Preset PricesLO6DSP1P2Q1Q2DSP1P2Q1Q2abab3App-*
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