Chapter 3 - Web Chapter

Report
WEB
Changes in Supply
and Demand
Lettuce
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 1
3
C HAPTE R
WEB
Applications and
Extensions of Supply
and Demand Analysis
http://www.mcconnell16.com
Copyright McGraw-Hill/Irwin, 2005
WEB
Changes in Supply
and Demand
Lettuce
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 2
Changes in Supply &
Demand
Single Changes
Complex Changes
Agricultural Products
Lettuce – Oranges – Cherries
Damage from Weather
Example:
Freeze of Lettuce Crops
Graphically…
Copyright McGraw-Hill/Irwin, 2005
WEB
Changes in Supply
and Demand
Lettuce Supply & Demand
Crop Freezing Damage…
P
S2
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Price (per pound)
Lettuce
S1
P2
P1
Key Terms
D1
Previous
Slide
Next
Slide
End
Show
3 Web - 3
o
Q2
Q1
Quantity
Copyright McGraw-Hill/Irwin, 2005
Q
WEB
Changes in Supply
and Demand
American Flags
Patriotism Surge…
P
S1
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per flag)
American Flags
P2
P1
Efficiency Losses
D2
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 4
D1
o
Q1
Q2
Quantity
Copyright McGraw-Hill/Irwin, 2005
Q
WEB
Changes in Supply
and Demand
Pink Salmon
Increase in Supply & Decrease in Demand
P
S1
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Price (per fish)
American Flags
S2
P1
P2
D1
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 5
D2
o
Copyright McGraw-Hill/Irwin, 2005
Q1 Q2
Quantity
Q
WEB
Changes in Supply
and Demand
Gasoline
Decrease in Supply & Increase in Demand
P
S2 S1
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per gallon)
Lettuce
P2
P1
Efficiency Losses
D2
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 6
D1
o
Copyright McGraw-Hill/Irwin, 2005
Q1 Q 2
Quantity
Q
WEB
Changes in Supply
and Demand
Sushi
Increase in Demand & Increase in Supply
P
S1
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per pound)
Lettuce
S2
P1
Efficiency Losses
D2
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 7
D1
o
Q1
Q2
Quantity
Copyright McGraw-Hill/Irwin, 2005
Q
WEB
Changes in Supply
and Demand
Preset Prices
Olympic Figure Skating Finals Tickets
P
S
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Price (per ticket)
Lettuce
P2
Predetermined
Price
P1
Key Terms
Previous
Slide
Equilibrium
Price
Shortage
Next
Slide
End
Show
3 Web - 8
o
Copyright McGraw-Hill/Irwin, 2005
Q1
Quantity
Q2
D
Q
WEB
Changes in Supply
and Demand
Preset Prices
Olympic Curling Preliminaries Tickets
P
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Price (per ticket)
Lettuce
Surplus
S
Predetermined
Price
P1
Equilibrium
Price
P2
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 9
D
o
Copyright McGraw-Hill/Irwin, 2005
Q2
Q1
Quantity
Q
WEB
Changes in Supply
and Demand
Nonpriced Goods
The American Bison Before the Railroad
P
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
D
Price (per bison)
American Flags
No Price Is
Determined
Surplus
& No Market
Exists!
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 10
S
o
Copyright McGraw-Hill/Irwin, 2005
Q1
Q2
Quantity
Q
WEB
Changes in Supply
and Demand
Nonpriced Goods
The American Bison After the Railroad
P
D
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Shortage
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 11
S
Price (per bison)
Lettuce
o
Copyright McGraw-Hill/Irwin, 2005
Price of 0
Led to Excess
Demand and
Shortages
Occurred
Q3
Q4
Quantity
Q
WEB
Changes in Supply
and Demand
Transaction Surpluses
Consumer Surplus - Oranges
P
Consumer
Surplus
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per bag)
American Flags
P1
Equilibrium
Price = $8
Efficiency Losses
Key Terms
D
Previous
Slide
Next
Slide
End
Show
3 Web - 12
o
Copyright McGraw-Hill/Irwin, 2005
Q1
Quantity (bags)
Q
WEB
Changes in Supply
and Demand
Transaction Surpluses
Producer Surplus - Oranges
P
Producer
Surplus
Lettuce
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per bag)
American Flags
Pink Salmon
S
P1
Equilibrium
Price = $8
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 13
o
Copyright McGraw-Hill/Irwin, 2005
Q1
Quantity (bags)
Q
Changes in Supply
and Demand
Lettuce
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Maximum Combined Surpluses
S
P
Consumer
Surplus
Price (per bag)
WEB
Transaction Surpluses
P1
Producer
Surplus
Efficiency Losses
Key Terms
D
Previous
Slide
Next
Slide
End
Show
3 Web - 14
o
Copyright McGraw-Hill/Irwin, 2005
Q1
Quantity (bags)
Q
WEB
Changes in Supply
and Demand
Transaction Surpluses
Efficiency Losses
P
Quantity
Below the
Equilibrium
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per bag)
American Flags
S
Quantity
Above the
Equilibrium
Efficiency Losses
Key Terms
Previous
Slide
D
Next
Slide
End
Show
3 Web - 15
o
Copyright McGraw-Hill/Irwin, 2005
Q2
Q1
Q3
Quantity (bags)
Q
WEB
Changes in Supply
and Demand
Transaction Surpluses
Efficiency Losses
P
Quantity
Below the
Equilibrium
Lettuce
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Price (per bag)
American Flags
S
Quantity
Above the
Equilibrium
Efficiency Losses
Key Terms
Previous
Slide
D
Next
Slide
End
Show
3 Web - 16
o
Copyright McGraw-Hill/Irwin, 2005
Q2
Q1
Q3
Quantity (bags)
Q
Key Terms
nonpriced goods
consumer surplus
producer surplus
efficiency losses
Copyright McGraw-Hill/Irwin, 2005
BACK
END
WEB
Next:
Changes in Supply
and Demand
Lettuce
American Flags
Pink Salmon
Gasoline
Sushi
Preset Prices
Nonpriced Goods
Transactions
Surpluses
Efficiency Losses
Key Terms
Previous
Slide
Next
Slide
End
Show
3 Web - 18
Chapter 4
Copyright McGraw-Hill/Irwin, 2005

similar documents