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Demand and supply analysis Market equilibrium
Equilibrium price and output : The Market Demand and Supply of Potatoes (Monthly)
The determination of market equilibrium (potatoes: monthly) Quantity (tonnes: 000s) E D C B A a b c d e Supply Demand Price (cents per kg)
Quantity (tonnes: 000s) E C B A a b c e Supply Demand Price (cents per kg) D d SURPLUS ( ) The determination of market equilibrium (potatoes: monthly)
Quantity (tonnes: 000s) E D C B A a b c d e Supply Demand Price (cents per kg) SHORTAGE ( ) The determination of market equilibrium (potatoes: monthly)
D d QeQe Quantity (tonnes: 000s) E B A a b e Supply Demand Price (cents per kg) The determination of market equilibrium (potatoes: monthly)
Demand and supply analysis Effect of shift in the demand curve
P Q O Pe1Pe1 Qe1Qe1 S D1D1 g Effect of a shift in the demand curve An increase in demand
P Q O Pe1Pe1 Qe1Qe1 S D1D1 g Effect of a shift in the demand curve
P Q O Pe1Pe1 Qe1Qe1 S D1D1 D2D2 g
P Q O Pe1Pe1 Qe1Qe1 S g h D1D1 D2D2 Pe2Pe2 Qe2Qe2 i
P Q O Pe1Pe1 Qe1Qe1 S D1D1 D2D2 g A decrease in demand Effect of a shift in the demand curve
P Q O Pe1Pe1 Qe1Qe1 S D1D1 D2D2 g Pe2Pe2 Qe2Qe2 n m
Demand and supply analysis Effect of shift in the supply curve
P Q O Pe1Pe1 Qe1Qe1 D S1S1 g Effect of a shift in the supply curve A decrease in supply
P Q O Pe1Pe1 Qe1Qe1 D S1S1 g Effect of a shift in the supply curve
P Q O Pe1Pe1 Qe1Qe1 D S1S1 S2S2 g
P Q O Pe1Pe1 Pe3Pe3 Qe3Qe3 Qe1Qe1 D S1S1 S2S2 jg k
P Q O Pe1Pe1 Qe1Qe1 D S1S1 g An increase in supply S2S2 Effect of a shift in the supply curve
P Q O Pe1Pe1 Qe1Qe1 D S1S1 g S2S2 p Pe2Pe2 Qe2Qe2 q
DEMAND The relationship between demand and priceThe relationship between demand and price –the law of demand –the income effect –the substitution effect.
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