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7/26/2019 Supply and Demand - Chapter 3
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Supply and Demand
Elements
Chapter 3
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Main topics
The theory & its uses
Demand schedule & curve
Supply schedule & curve
Market equilibrium
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Theory
Theory of supply & demand
!o" markets determine the what, how & for
whom
Consumer soverei#nty
$roducer motives
Market si#nals Economic mana#ement
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%asoline $rices Move "ith Demand
and Supply Chan#es
Chapter 3
Figure 3-1
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The demand curve
Demand schedule mappin# market
prices & quantity demanded
$rice takin#'
(actors behind demand
Shifts in demand vs chan#es in quantity
demanded
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Chapter 3
Table 3-2
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) Do"n"ard*Slopin# Demand
Curve +elates ,uantity Demanded
to $rice
Chapter 3
Figure 3-2
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Chapter 3
Table 3-1
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Declinin# Computer $rices !ave
(ueled an E-plosive %ro"th in
Computer $o"er
Chapter 3
Figure 3-3
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.ncrease in Demand for
)utomobiles
Chapter 3
Figure 3-4
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The supply curve
Supply schedule mappin# market prices
& quantity supplied
$rice takin#'
Supply factors
Shifts in supply vs chan#es in quantity
supplied
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Chapter 3
Table 3-4
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Chapter 3
Table 3-3
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Supply Curve +elates ,uantity
Supplied to $rice
Chapter 3
Figure 3-5
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.ncreased Supply of
)utomobiles
Chapter 3
Figure 3-6
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Chapter 3
Table 3-5
C 3
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Market Equilibrium Comes at the
.ntersection of Supply and Demand
Curves
Chapter 3
Figure 3-7
Ch 3
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Shifts in Supply or Demand
Chan#e Equilibrium $rice and
,uantity
Chapter 3
Figure 3-8
Ch t 3
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Shifts of and Movements alon#
Curves
Chapter 3
Figure 3-9
Ch t 3
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.mpact of .mmi#ration on /a#es
Chapter 3
Figure 3-10
Ch t 3
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Chapter 3
Table 3-6
Ch t 4
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Elastic Demand Sho"s 0ar#e
,uantity +esponse to $rice
Chan#e
Chapter 4
Figure 4-1
Chapter 4
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$rice Elasticity of Demand (alls
into Three Cate#ories
Chapter 4
Figure 4-2
Chapter 4
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$erfectly Elastic
and .nelastic Demands
Chapter 4
Figure 4-3
Chapter 4
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Slope and Elasticity )re 1ot
the Same Thin#
Chapter 4
Figure 4-4
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