Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Supply and DemandJeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.01 A Demand Curvep, $ per kg200 220Demand curve for pork, D1240 286Q, Million kg of pork per year02.303.304.3014.30Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.02 A Shift of the Demand Curvep, $ per kg220176Effect of a 60¢ increase in the price of beefD1D2232Q, Million kg of pork per year03.30Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Application Aggregating the Demand for Cling Peachesp, $ per ton50Q, Tons of peaches per 10,000 people per year0275183Total demandDemand for canned peachesDemand for fruit cocktailQc=18 Q =22Qf=4Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.03 A Supply Curvep, $ per kg220176Supply curve, S1300Q, Million kg of pork per year03.305.30Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.04 A Shift of a Supply Curvep, $ per kg205176Effect of a 25¢ increase in the price of hogsS1S2220Q, Million kg of pork per year03.30Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.5 Total Supply: The Sum of Domestic and Foreign Supplyp, Priceper tonp, Priceper tonp, Priceper tonQd*SdSf(ban)Qf*Q=Qd*Q*=Qd*+ Qf*Qd, Tons per year Qf, Tons per year Q, Tons per year(a) Japanese Domestic Supply (b) Foreign Supply (c) Total Supplyp * p* p *S (ban) S (no ban)Sf(no ban)pp pJeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Solved Problem 2.1p, Priceper tonp, Priceper tonp, Priceper tonSdQ, Tons per year(a) U.S. Domestic Supply (b) Foreign Supply (c) Total Supplyp* p* p*pppSSQdQfQd, Tons per year Qf, Tons per yearQd* Qf*SfSfQd*+ Qf*Qd*+ QfQd+ QfJeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.06 Market Equilibriump, $ per kg220176DSe233 246194 207Q, Million kg of pork per year03.953.302.65Excess supply = 39Excess demand = 39Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.07a Effects of a Shift of the Demand CurveD1D2S1760 220 228 232Q, Million kg of pork per yearExcess demand = 123.303.50e2e1p, $ per kg(a) Effect of a 60¢ Increase in the Price of BeefJeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.07b Effects of a Shift of the Demand CurveS1S2Q, Million kg of pork per year3.303.55e1e2Dp, $ per kg(b) Effect of a 25¢ Increase in the Price of Hogs1760 220205 215Excess demand = 15Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.08 A Ban on Rice Imports Raises the Price in Japanp, Price of riceper poundQ2Q1S (no ban)DQ, Tons of rice per yearp2e2e1p1S (ban)Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Solved Problem 2.3p, Price ofsteel per tonQ2Q3Dh(high)Q1S (no quota)Q, Tons of steel per yearp2p3e2e3e1p1S (quota)pDl(low)Jeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.09 Price Ceiling on Gasolinep, $ per gallonQsQ2Q1=QdPrice ceilingS1DS2Q, Gallons of gasoline per monthExcess demandp2e2e1p1= pJeffrey M. Perloff, Microeconomics, © 2001 Addison Wesley Longman, Inc., All Rights Reserved.Figure 2.10 Minimum Wagew, Wageper hourLdL* LsMinimum wage, price floorSDL, Hours worked per yearUnemploymentew
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