ECSENOMICS Chapter 3 Basic elements of supply and demand McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 3 Basic Elements of Supply and Demand
ECSENOMICS Gasoline Prices move with demand and Supply Changes 1-15 Figure 3-1 250 6品25258 ⊥⊥⊥⊥⊥⊥1 1970 1975 1980 1985 1990 1995 2000 McGraw-Hilllrwin Source: U.S. Department of Energy and Labor
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. T-15 Figure 3-1 Gasoline Prices Move with Demand and Supply Changes Source: U.S. Department of Energy and Labor
ECSENOMICS A Downward-Sloping Demand Curve C Relates Quantity Demanded to Price T-16 Figure 3-2 P Quantity of cornflakes(millions of boxes per year) McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. A Downward-Sloping Demand Curve Relates Quantity Demanded to Price T-16 Figure 3-2
ECSENOMICS Declining Computer Prices Have Fueled an Explosive Growth in Computer Power 1-17 Figure 3-3 1972 0. 0.01 Computer outpus billions er 199o dollars) McGraw-Hilllrwin Source: De partment ofComme rce estimates of real output and prices
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Declining Computer Prices Have Fueled an Explosive Growth in Computer Power T-17 Figure 3-3 Source: Department of Commerce estimates of real output and prices. Note that the data are plotted on ratio scales
ECSENOMICS Increase in Demand for Automobiles T-18 Figure 3-4 14 10 6 2 D 0 16 20 24 Quantity demanded of automobiles (millions per year) McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved
McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Increase in Demand for Automobiles T-18 Figure 3-4