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3A Appendix Demand, Supply, and Market
Equilibrium
McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.
Lettuce
• Supply shifts left for lettuce •Weather destroys part of the crop
• Demand doesn’t change
•Consumers still want as much lettuce as before
• Equilibrium price rises which will reduce the quantity demanded
LO6 3App-2
Lettuce
S2
S1
P2
P1
D1
0 Q2 Q1
Quantity (pounds)
LO6 3App-3
Exchange Rates
• Exchange rates – the price of one country’s currency in terms of another country’s currency
•Currency appreciation: the value of one of the currencies, in terms of the other, has increased
•Currency depreciation: the value of one of the currencies, in terms of the other, has decreased.
LO6 3App-4
Exchange Rates
S1
$1.50
$1.25
D2
D1
0 Q1 Q2
Quantity of euros
LO6 3App-5
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