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© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
Chapter 3: Demand and Supply: Price Determinationin Competitive Markets
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr. 3-2
EXHIBIT 3.1Hometown Demand for Jogging Shoes
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.2The Demand Curve for Jogging Shoes In Hometown, U.S.A.
3-3
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.3Income as a Determinant of Demand
3-4
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.4Distinguishing Change in Demand from Change in Quantity Demanded
3-5
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.5Hometown Supply of Jogging Shoes
3-6
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.6The Supply Curve of Jogging Shoes inHometown, U.S.A
3-7
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.7The Impact of a Technological Advance on the Supply of Personal Computers
3-8
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.8Distinguishing Change In Supply fromChange In Quantity Supplied
3-9
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.9The Demand and Supply of JoggingShoes in Hometown, U.S.A.
3-10
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.10Demand and Supply Curves for Jogging Shoes In Hometown, U.S.A.
3-11
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.11The Effect of an Increase in Demand on the Equilibrium Price
3-12
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.12The Effect of a Decrease in Demand on the Equilibrium Price
3-13
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.13Effect of an Increase in Supply onEquilibrium Price
3-14
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.14Effect of Simultaneous Increases in Demandand Supply on Equilibrium Price
3-15
