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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
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