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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 ... - tailieumienphi.vn
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