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Pric
e(2
000
dol
lars
per
bar
rel)
Year
Qua
ntity
(mill
ions
of
bar
rels
per
day
)
Year
A Supply Schedule for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0
At a price of$96,000...
(7, 97)
Supply
(6, 96)
...6 apartmentsare offered forsale.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
At a price of$96,000...
S1 S2
...8 apartments areoffered for sale.
0 1 2 63 875 1310 11 129
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
S1S2
0 10 3020 5040
20
80
60
40
Quantity of Belts (number per month)
Pri
ce o
f B
elts
($
)
A Demand Schedule for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
At a price of$96,000...
(3, 97)
Demand
(4, 96)
...4 apartmentsare desired bybuyers.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
At a price of$96,000...
D1
D2
...8 apartmentsare desired bybuyers.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
0 5 1510 2520
25
40
45
35
30
Quantity of Tables (number per month)
Pri
ce o
f Ta
ble
s ($
)50
D2
D
Combined Supply and Demand Schedules for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
Surplus
Shortage
(1, 91) (9, 91)
(1, 99) (9, 99)
D
S
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
(5, 95)
D
E
S
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
Supply and Demand Schedules After an Increase in Supply (Only)
Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 12 11 10 9 8 7 6 5 4 3 2 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
D
Surplus
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100 S1
E1
E2
S
Supply and Demand Schedules After an Increase in Demand (Only) Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0 Quantity of Apartments Demanded 4 5 6 7 8 9 10 11 12 13 14
Shortage
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100 S
D1
E1
E2
D
Price
Quantity
Year
Pric
e (2
000
dolla
rs p
er b
arre
l)
Qua
ntity
(m
illio
ns o
f ba
rrel
s pe
r da
y)
2006
1986
1981
19781973
19741979
1996
1995 2001
Pric
e (2
000
dolla
rs p
er b
arre
l)
Quantity (millions of barrels per day)
1969 1995
1979
1981
2006
1996
1986
197820041985
1980
S
E
D
15
$52
Quantity
Pri
ce
S
D
15
$52
Quantity
(b)(a)
13 1514
30
40
50
60
Quantity
1979
1980
1981
Pri
ce (
$)
Quantity
Pri
ce (
$)
(b)(a)
D
S2
S1
1514
18
22
Quantity
1996
1995Pri
ce (
$)
QuantityP
rice
($
)
(b)(a)
S
D2
D1
E
S
D
Quantity
QD QE QS
Pfloor
PE
E
S
D
Quantity
QS QE QD
Pceiling
PE
Per
Cap
ital C
onsu
mpt
ion
of O
il (g
allo
ns p
er d
ay)
Price
Quantity
S1
D
S2
Q1Q2
P2
P1
