Chapter 3A: Appendix: Demand, Supply, and Market Equilibrium
Lettuce Supply shifts left for lettuce Weather destroys part of the crop Demand doesn’t change Consumers still want as much lettuce as before Equilibrium price rises which will reduce the quantity demanded
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Demand, Supply, and Market Equilibrium3AMcGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.AppendixLettuceSupply shifts left for lettuceWeather destroys part of the cropDemand doesn’t changeConsumers still want as much lettuce as before Equilibrium price rises which will reduce the quantity demandedLO63App-*LettuceLO6D1S1Q1P1Quantity (pounds)Price (per pound)S2Q2P203App-*Exchange RatesExchange rates – the price of one country’s currency in terms of another country’s 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-*Exchange RatesLO6 D1S1Q1$1.25Quantity of eurosDollar price of 1 euro D20$1.50Q23App-*Pink SalmonSupply shifts right for pink salmonNew technologyNew fishers enter the industryDemand shifts left for pink salmonIncreases in consumer’s incomeReductions in the price of substitutesLO63App-*Pink SalmonLO6D1S1Q1P1Quantity (in pounds)Price (per pound)S2D2P2Q203App-*GasolineSupply of gasoline decreasesRefinery breakdownsMideast politics and warfareRising price of oilDemand for gasoline increasesConsumers’ incomes increasedLow mileage SUVs popularLO63App-*GasolineLO6D2S2Q1P2Quantity (in gallons)Price (per gallon)S1D1P1Q203App-*SushiSupply shifts rightIncrease in the number of sushi bars Demand shifts rightConsumers’ tastes for sushi increasesLO63App-*SushiLO6D2S2Q1Quantity (pounds)Price (per pound)S1D1P1Q203App-*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-*Preset PricesLO6DSP1P2Q1Q20PFigure SkatingQuantity (tickets) Price (per ticket)DSP1P2Q1Q20PCurlingQuantity (tickets) Price (per ticket)abShortageabSurplus3App-*
