The Economic History of the United States 3
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The Economic History of the United States 3
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The Economic History of the United States 3
- 1. Lecture 3 The Economic History of the United States
- 2. Where Prices Come From: The Interaction of Demand and Supply
- 3. Demand Price Quantity $10 9 $20 8 $30 7 $40 6 $50 5 $60 4 $70 3 $80 2 $90 1 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0 1 2 3 4 5 6 7 8 9 10 Schedule Price Quantity $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0 1 2 3 4 5 6 7 8 9 10
- 4. $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0 1 2 3 4 5 6 7 8 9 10 Price Quantity a line of logic
- 5. Law of Demand When price falls quantity demand increases When price increases quantity demanded falls.
- 6. Shift Demand Income Prices of Related Goods Tastes Population & Demographics Expected Future Prices
- 7. Normal Good Demand increases as income rises and decreases as income falls
- 8. Inferior Good Demand decreases as income rises and increases as income falls
- 9. Substitutes Goods or services that can be used for the same purpose
- 10. Complements Goods or services that are used together
- 11. Change in Demand vs. Change in Quantity Demanded
- 12. Supply Price Quantity $90 9 $80 8 $70 7 $60 6 $50 5 $40 4 $30 3 $20 2 $10 1 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 0 1 2 3 4 5 6 7 8 9 10 Schedule
- 13. Law of Supply When price falls quantity supplied decreases When price increases quantity supplied increases.
- 14. Shift Supply Prices of inputs Technological change Price of substitutes in production Number of fi rms in the market Expected Future Prices
- 15. Change in Supply vs. Change in Quantity Supplied
- 17. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1
- 18. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1
- 19. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 D2
- 20. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 D2
- 21. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 D2 D3
- 22. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1
- 23. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 S2
- 24. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 S2 S3
- 25. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1
- 26. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 Maximum Price
- 27. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 Maximum Price Demand 6 Supply 4 Shortage 2
- 28. 10 0 1 2 3 4 5 6 7 8 9 $100 0 $10 $20 $30 $40 $50 $60 $70 $80 $90 Quantity Price D1 S1 Minimum Price Demand 4 Supply 6 Surplus 2