Chapter 3W: Web Appendix: Additional Examples of Supply and Demand
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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Web Appendix: Additional Examples of Supply and DemandChapter 3WMcGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reservedLettuceSupply 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 demandedApp 3-*LettuceD1S1Q1P1Quantity (pounds)Price (per pound)S2Q2P20App 3-*Exchange RatesExchange rates — the price of one country’s currency in terms of another country’s currencyCurrency appreciationCurrency depreciationApp 3-*Exchange RatesLO6 D1S1Q1$1.25Quantity of EurosDollar Price of 1 Euro D20$1.50Q2App 3-*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 substitutesApp 3-*Pink SalmonD1S1Q1P1Quantity (in pounds)Price (per pound)S2D2P2Q20App 3-*GasolineSupply of gasoline decreasesRefinery breakdownsMideast politics and warfareRising price of oilDemand for gasoline increasesConsumers’ incomes increasedLow-mileage SUVs popularApp 3-*GasolineLO6D2S2Q1P2Quantity (in gallons)Price (per gallon)S1D1P1Q20App 3-*SushiSupply shifts rightIncrease in the number of sushi bars Demand shifts rightConsumers’ tastes for sushi increaseApp 3-*SushiD2S2Q1Quantity (pounds)Price (per pound)S1D1P1Q20App 3-*Preset PricesPreset prices can cause market imbalancesOlympic figure skating finalsPreset price results in a shortage of ticketsOlympic curling preliminariesPreset prices result in a surplus of ticketsLO6App 3-*Preset PricesDSP1P2Q1Q20PQuantity (tickets) Figure SkatingPrice (per ticket)DSP1P2Q1Q20PQuantity (tickets) CurlingPrice (per ticket)abShortageabSurplusApp 3-*
