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Documenti di Professioni
Documenti di Cultura
II.
1.
2.
3.
4.
16/2022-13
(Central Problems of an Economy)
(interdependent)
(free)
(What to produce)
(alternative uses)(allocation)
(resource allocation)
(preference intensity)
(systematic allocation of resources)(according to priority)
(production possibilities)
(Production Possibilities Curve)
(How to Produce)
(Extensive cultivation)
(Intensive cultivation)
(substitute)
(For whom to produce)
(Production Possibilities Curve)
100 A
80
60
B
C
D
40
20
F
20 40 60 80 100
WHEAT (IN MILLION TONS)
(Y-axis)
(X-axis)
'C' 'F'
(Transformed)
'A' 'F'
'A'
'F'
(Concave)
(Concave Curve)
COTTON (IN BALES)
Y
100
80
60
40
G
H
I
J
20
F
0
20 40 60 80 100
X
WHEAT (IN MILLION TONS)
COTTON (IN BALES)
Y
A
100
80
60
40
G
H
20
F
20 40 60 80 100
X
WHEAT (IN MILLION TONS)
X Y
(marginal product)
Y
10
8
6
4
2
0
1 2 3 4 5 6 X
ABOUR (NO. OF WORKERS)
(Universal)
(Exceptions)
(Price Mechanism-Demand and Supply Analysis)
(Barter System
of Exchange)
(Price Mechanism)
(Equilibrium
Price)
(Demand Analysis)
(Per
unit of time)
(i)
(ii)
(iv)
(Market Demand)
(v)
(composition)
(vi)
(Law of Demand)
(inverse relationship)
(off set)
(assumptions)
(i) (ii)
(i)
10
3.00
2.5
2.0
1.50
1
2
3
4
A
B
C
D
Price of Oranges
(per dozen) (Rs.)
3.00
2.50
De
ma
n
B d cur
2.00
ve
1.50
1.00
0.50
0
1
2
3
4
Quantity of oranges Demanded
(Dozens)
X-Y-A, B, C D
A B
A B
11
A +B
3.00
2.50
2.00
1.50
1
2
3
4
2
3
4
5
3
5
7
9
(a)
Individual
demand curve
of A
Y
(b)
Individual
demand curve
of B
(c)
Market Demand
curve
Y
D2
3.50 D1
Market demand
curve
2.50
1.50
0.50
0
A
D1
A
X
1 2 34 5 6
Quantity demanded
(Dozens)
A+ B
D2
B1
1 2 3 4 5 67 X
Quantity demanded
(Dozens)
D1
C
1 2 3 4 5 6 7 8 9 10
Quantity demanded
(Dozens) By A + B
A (a) B (b)
(c)
A (A) B
(B) (A+B)
(Horizontal Summation)
(Average or Representative)
12
(Successive)
(ii)
(Income effect)
13
(Exceptions) :
(scare)
(Giffen goods) :
(Robert Giffen)
(Bread)
(direct)
14
(i)
Y
Giffen Good
D
40
30
20
10
D
0
X
10
20
30
40
Bread (Loaves)
Quantity Demanded
50
DD
(Inferior
good)
15
3.00
2.00
1.50
Contraction
of Demand
2.50
Extension
of Demand
Q
1.00
0.50
R
S
2
3
X-Commodity (Units)
T
4
DD X
OPOQ OS OT
(ST) OP OM
OS OR
(Movement along the same demand curve)
(ii)
Price of X (Rs.)
D2
D1
De
cre
as
ei
In
c
de reas
m e
an in
d
nd
em
an
d
D2
D1
O
R
M
N
X
Quantity demanded x commodity (units)
16
DD OP OM
DD
D1D1 OP OM ON
DD
D2D2 OP OR
(Supply Analysis)
(Meaning of Supply) :
(Direct relationship)
(i)
(ii)
(iii)
17
(iv)
18
X Y A, B,
C D A, B, C D
SS
R
S
Supply curve
2.50
2.00
1.50
B
A
1.00
0.50
0
4 8 12 16 20
X
Quantity supplied Ball pens (units)
A B
1.00
1.50
2.00
2.50
A
B
10
14
17
19
11
15
18
20
(A +B)
21
29
35
39
A B
19
Price (Rs.)
(A)
Supply Curve
of A
Y
S1
(B)
Supply Curve
of B
S2
(C)
Market Supply
Curve
Y
2.50
2.50
2.50
2.00
2.00
2.00
1.50
1.50
1.50
1.00
1.00
S1
0.50
0
0.50
5 10 15 20 25 X
Quantity supplied
Sm
1.00
S2
0.50
5 15
25 X
Quantity supplied
Sm
5 10 20 30 40 X
Total Quantity supplied
(A)A (B)
(X (C)
A OM A ON
OM+ON=OT (14+15=29) X-(Horizontal axis)
(i) (Change in quantity supplied)
20
Y
S
Price (Rs. per dozen)
2.50
P1
2.00
P
1.50
Extension
of supply
Contraction
of supply
P2
1.00
0.50
S
M2
M1
10
15
20
X Commodity (Units)
MP M1P1 OM
OM1
MP M2P2 OM OM2
(ii)
S2
Decrease in
Supply
S1
Increase in
Supply
S2
O
S1
M2 M M1
Quantity Supplied (units)
X SS OP OM OP OM
SS S1S1
21
(Determination of Equilibrium Price)
(Equilibrium Price)
(Equilibrium Quantity)
DD
SS
DD SS A A OP
OM
OP
OP
OM
22
(Excess Supply) (Unsold)
(Excess Demand) = 8
Excess
Supply
3.50
3.00
2.50
Equilibrium
point
2.00
1.50
1.00
Excess
demand
D
Equilibrium
quantity
0.50
0
M
5 10 15 20 25 30 35 40
Quantity of Ball pens
DEMANDED/SUPPLIED
D1
D2
P1
P
P2
R1
R2
D1
D2
O
M2 M M1
Quantity Demanded and Supplied (units)
23
(i)
DD SS R
OP OM
DD D1D1 SS
D1D1 SS R1
OP1(R1M1) OM1
DD D2D2 SS D2D2
SS R2 OP2 R2M2)
OM2
(i)
(ii)
(ii)
Price (Rs.)
S2 S
S1
R2
P2
P
P1
R
R1
S2
S1
D
M2 M M1
DD SS R OP
OM
S1S1 OP1
SS S2S2
OP2R2M2)
OM2 OM
24
(Quantitative)
(Utility Analysis) :
(Marginal Utility)
25
(Total Utility)
(4+3=7)
(4+3+2=9)
(Negative)
(Positive)
(Negative)
X Y-
X-
L
L
(i)
(ii)
(iii)
26
12
L
10
8
6
4
Marginal
curve
utility
2
N
0
-1
-2
TU
Total utility
curve
1
2
3
4
Units of Oranges
Points of
satiety
6
X
Negative
utility
(Assumptions)
(Homogenous)
(i)
(ii)
(iii)
27
(Hobbies)
DD
Y-
Y-
28
Marginal utility/Price (in Rs.)
Y
D
1.00
Marginal utility/
Demanded curve
0.80
0.60
0.40
0.20
0
2 3
4
5
Units of Oranges
(i)
n TUnTUn-1
(ii)
(iii)
X, Y Z
29
X
Y
Z
(MUx)
(MUy)
(MUz)
X YZ
X
X X
Y
Y X
X Y Z
X 18 + 16 + 14 +11 + 9 + 6 =
74
Y 12 + 10 + 8 + 7 + 6
=
43
Z 11 + 9 + 8 + 6
=
34
=
151
X 7, Y Z
76+43+28=147
X, Y Z
30
MUx = MUy = MUz.
X, Y, Z (Px, Py Pz)
(MUx, MUy MUz)
MUx 6
= ,
Px
1
MUy 6
= ,
Py
1
MUz
6
=
Pz
1
MUy
MUx
MUz
=
=
Py
Px
Pz
MUX Px,
=
MUy
Py
(i)
(ii)
MUx
Px
=
=
MUy
Py
(iii)
MUx
Px
=
=
MUy
Py
31
(subjective)
(Quantity)
(Price effect)
(Indifference Curve Analysis)
(J.R. Hicks)
(Cardinal utility system)
(subjective)
(Ordinal utility)
(Combinations)
32
X Y
(X Y (X
Y
X
Y
(A)
(B)
(C)
(D)
(E)
X-X Y-Y X Y
A, B, C, DE A, B, C, D E
(indifferent)
Y
A
Commodity Y(units)
25
20
INDIFFERENCE
CURVE
C
15
10
5
0
2
3
4
5
Commodity X(units)
33
(Rationality) :
(Transitivity) : B A
A B B A
C B C A
X Y (MRSxy), Y X-
X
Y
X Y
(MRSxy)
1
2
3
25
20
16
1x = 5y
1x = 4y
13
1x = 3
11
1x = 2y
Y X
X Y
X Y (MRSxy) 1x = 5y X
Y X Y 1x=4y
X Y (MRSxy) X Y
X (MRSxy =y/x)
X
Y X
Y X Y
X X
(Marginal significance) X Y
34
(Indifference curve
slopes dapes downward from left to right) :
X
Y X
Y
IC X
Y
30
Y
A
Commodity Y(units)
25
Decrease in Quantity of Y
20
15
10
Increase in Quantity of X
E
IC
5
0
2
3
4 5
Commodity X(units)
(i) (i)
35
(i)
Commodity Y(units)
(ii)
20
10
10
15
10
IC
X 0
X0
IC
20
15
15
IC
20
(iii)
1
2
3
4
Commodity X(units)
1
2
3
4
Commodity X(units)
1
2
3
4
Commodity X(units)
(ii) (X (vertical) (Y
(ii) (iii)(Parallel)
(ii)
A(1x+10y)B(2x+10y) YX
AB
(iii)A(2x+5y) B(2x+10y) X
Y A
B A B
Commodity Y(units)
25
A
y
B
20
y
15
C
y x
10
CONVEX
D
y x
E
IC
5
0
X
1
2
3
4
Commodity X (units)
36
X Y
X Y
(Concave) (i)
X
X
Y AA1=A1A2=A2A3 BB1 B1B2, B1B2 B2B3
X Y
X
Y
(i)
X Y 45 (ii)
X Y
(ii) 'L'
(iii) X Y
(90 (Kink)
(i)
(ii)
(iii)
x
y
x
y
B3
IC
X
A
A1
A2
A3
Commodity X (units)
5
Commodity Y (units)
B
B1
B2
CONCAVE
Commodity Y(units)
Commodity Y(units)
4
3
2
1
0
IC
1
2
3 4 5
Commodity X (units)
5
4
3
2
IC2
IC1
2 3 4 5
Commodity X (units)
37
Y Commodity (units)
25
A
20
15
13
10
9
5
0
B
C
IC1
IC2
2 3
4
5
X Commodity (units)
IC1 A B, X Y
IC2 A C X Y
A=B A=C B=C B X
Y C X Y
X B C B Y C
Y B=C
(Consumer's Equilibrium)
(i)
(ii)
(iii) X Y
(Budget line)
(i) (Scale of Preferences) (Indifference map) :
(Scale of Preferences)
38
(Indifference Map)
X Y
X Y
A
B
B
A A
1x+18y B1x+25y X
A B Y A B
A
B B II(B) A
I(A)
C C
B B
39
C III(C) B
II(B)
INDIFFERENCE MAP
Y
35
COMMODITY-Y (UNITS)
30
25
20
15
III(C)
10
II(B)
5
I(A)
0
X
1
COMMODITY-X (UNITS)
O)
X Y-
(Preferences)
X Y
40
Y-Commodity ((Units)
Y-Commodity ((Units)
Y
X Y
5 A
X X
C
4
B
D
Price Line
3
Y Y
E
K
2
B A B
F
1
AB X Y
B
C
0 2 4 6 8 10 x
2X+4Y,D 4X+3Y, E 6X+2Y F 8X+1Y
X Commodity (Units)
Y
K
6 A1
(2X+2Y)
Original Price
M
5 A
Line (Income Rs. 10)
(7X+3Y)
4 A2
New Price Line
(Income Rs. 12)
3
New Price
Line
1
B1 B1 B1
(Income Rs 8)
(X
2
4
6
8 10 12 X
/Y
X Commodity (Units)
AB
A1B1 AB (Shift)
A2B2
(slope)
OA2
OA OA1
=
=
OB2
OB OB1
Y X
X X
(OB1)Y Y
OA AB
AB1 4.21 X
X OB2
41
AB2 Y X
Y
X
OA 5
AB OB 10 =0.5 X AB1
OA 5
OA
OB 20 =0.25
OB
1
Y Commodity (Units)
Y
5 A
4
3
2 New
Price Line
1 (Price of X
B2
-Rs 1.25)
0
2 4 6 8
B1
10 12 14 16 18 20 X
X Commodity (Units)
X Y X Y
(Point of tangency)
42
X OM Y ON
P
(Common)
Y- Commodity (Units)
Y
A E
5
4
3 N
2
1
0
Equilibrium
Position
IC3
IC1 IC2
B
M
2 4
6
8 10
X Commodity (Units)
IC5
IC4
X
(P)
(i)
Y
Y- Commodity (Units)
F
IC1
0
IC2
B
X Commodity (Units)
(i) AB IC1
F
F
43
AB
IC1
(i) P IC2
F P P IC2
IC2
(i)
(ii)
(i)
Y- Commodity (Units)
A1
A
ICC
N1
N
IC2
IC1
M
0
M1
X Commodity (Units)
B1
X
X X Y Y
X X OB
Y Y OA AB
IC1 P P
X OM Y ON
(Parallel)
A1B1
44
A1B1 IC2 P1
P1 X OM1 Y ON1
X Y
P P1 P P1
(Income consumption curve)
(Positive) (Negative)
(Inferior good)
X X Y
Y AB AB IC1 P
P X OM
(AB)A1B1 A1B1
IC1 P1 P1 P1 X
OM1 P X OM
X MM1
P2
X OM2 X
M1M2 X
X P,P1 P2
(Real Income)
45
Commodity Y (Units)
A2
ICC
A1
P2
A
P1
P
IC
M2
IC1
M1
M1
B B1 B12
Commodity X (Units)
(Interior Commodity)
X Y
(Y) (X)
(Price Effect)
X Y
AB AB IC P P
X OM X X
OB1 Y
Y OA AB1
AB1 IC1 P1 P P1
X OM1 X OM
OM1 X MM1
P P1 PCC (Price Consumption
Curve) Y
X
46
Commodity Y
A
PCC
P1
N1
IC1
N
IC
0
B M1
Commodity X
B1
Price Effect
Y X
(i)
X
X
X
(ii) (Substitutes)
47
P
OM ON X AB AB1
Y (OA), X (OB) OB1
P1 ON1 OM1
X OM OM1 X
MM1
AB
A1B2 IC1 P2 A1B2
AB
X (OM OM2)AB1 P1
A1B2 P2 IC2
P2 X OM2
AB1 P1
IC1
P P2 P2 P1
X X X
Y X MM2 M2M1
Y
A1
Y-Comodity (Units)
IC1
A
IC
ICC
PCC
N2
N1
P2
P1
IC1
Substitution
Effect
Income Effect
Price Effect
0
M M2 BM1
X-Commodity (Units)
48
IC
B2
B1
(Price effect)
(Normal Good)
(inferior)
(Giffen Good)
(Robert Giffen)
X X-
AB IC1 P P
X-OM X
AC IC2 P2 P2 X
OM2 X OM
OM2 MM2
ED
AB ED IC2 P1 X OM1
X MM1
P2 X OM2 M1M2
MM1 M1M2
MM2 X
MM2
49
(Giffen Good)
E
P1
Commodity Y
P2
IC2
S.E
(M1M2)
M1
M2
IC1
C
X
B
D
Income Effect (MM2)
Income Effect (MM1)
Commodity X
Giffen Good
(Direct)
(Giffen's paradox)
(i)
(ii)
(iii)
(i)
(ii)
(iii)
(iv)
50
Money Income
(Rs.)
Y
A
P
(Traditional demand curve)
PCC
X Y
P1
IC2
X
IC1
Y
C
M1
B
M
Q
X
4 8 12 16 20 24 28 32 36 40
D
1.00
Demand
curve
0.75
D1
0.50
0.25
M
M1
0
4 8
12 16 20 24 28 32 36 40
X
X X Y
OA X
X OB
AB IC1 P
X OM X
X OC
AC IC2 P1
P1 X OM1 (24 X P P1
(PCC) (PCC)
X (OA/OB) (OA/OC) (OM)
(OM1)
X-X-Y-X-
D D1 X-
OM OM1 D D1 DD1
X-
51
(complements) (substitutes)
(Limitations)
(i)
(ii)
(complementary goods)
52
I
I
II
(Absolute changes)
53
(Relative change)
III
I
(I)
(II)
54
9
8
6
5
13
15
20
23
117
120
120
115
=>1
=1
=<1
II
ekxahxbZek=kkea
si fzr' kr i fjoru
Z
dher ea
si zfr' kr i fjoru
Z
55
eka
xhdh ek=kk ea
si fjorZ
u
100
i zkjfaHkd ekxa dh ek=kk
(1/20 100 = 5)
(100/1000100 =10)10% 5% =2
e P Q
Q P
(Q/Q)100
Q/Q
e = (P/P)100 =
P/P
Q
= Q P/P
Q P
= P Q
Y
T
Price
A B
S
Quantity Demanded
AR BD OA OB
(Q) AB CD) (P) CR
(Q) QA (P) AR
Q
e = P Q
e=
AB AR
CR OA
56
CD AR
(AB = CD)
CR OA
AS AR
AR OA
RS
(AR OT AR, OS TS
TR
RCD RAS
CD AS
AS
=
)=
CR AR
OA
RS/TR RS T S
TR
III
Q P
P Q
(+20) Q/P
IV
57
58
X Y
Y X
oLrqX dheka
xhxbZek=kkea
si zfr' kr i fjoru
Z
oLrqY dhdher esai fzr' kr i fjoru
Z
X Y Y X
20% X 20% 10% = 2)
X Y Y X
59
II
i fwrZdhxbZek=kkea
si zfr' kr i fjoru
Z
dher ea
si zfr' kr i fjoru
Z
5000 10000
100 400
1/ 2 1/ 4 2
III
l eL; k %
I Q/PxP/Q Q/P
P
P/Q
Po Q o
P2 Q 2
P3Q3
Po P1 OQ OQ OQ P/Q
o
3
2
PoP1 P/Q P0P1
P/Q P0P1 Q/P
P0 P1
Q/P dQ/dP
P/Q (dQ/dPxP/
Q)
60
Y
D
P0 P2
P3
Price
P1
Q1
D1
Q2Q3
Quantity Demanded
Q0
Q/P=dQ/dP=
Y
OP1 OP2 OP3
OQ0
Q/P=dQ/dP=oc (infinite)
(infinite)
X
(infinity) OP0
Y
Y
Price
Price
p3
p2
P0
p1
Q0
Quantity Demanded
Q0 Q1
Q2
Q3
Quantity Demanded
P/O Q/P
dQ/dP
(Rectangular hyperbola)
61
ABCO, EFHO JKLO
ABCO = OC
x BC EFHO JKLO FH KL
Price
F
K
D1
0
C
H
L
Quantity Demanded
P/Q
P1+Po
Po+P1
Qo+Q1
P/Q 2
P1 Po
2
2
Q1+Qo Q1 Q1
QQQ
0 P 1
P P
P P Q1 Q0
Q Q
P P
1
1
0
P P Q Q
0
1
1
0
62
P P
1
1
0
P P Q Q
0
1
1
0
8 10
1500 1000
10 8
1500 1000
500 18 9
1.8
2 2500 5
P/Q
10
Po Qo P/Q 1000
500 10
2.5 P /Q
1
1
2 1000
500
8
4 / 3 1.33 P/Q
2 1500
P/Q
P/Q
PoP1
Po P1
P1 Po
Y
D
P0 P2
Price
P3
P1
Q1
D1
Q2Q3
Quantity Demanded
Q0
dQ P
dP Q
63
dQ
dP
dQ
dP
(reciprocal)
dQ
dQ
C F
dP
dP
(Tangent)
Y
D
Price
C
E
F
D1
A B
Quantity Demanded
D D1 C C P/Q
CA
OA
D D1
dQ
EF
dP
CE
EF CA
CE OA
AD1 CA
EF AD1
[CEF CAD1
]
CA OA
CE CA
AD1
OA
CD1
[CA DO CA, OD1 DD1 AD1/
CD
OA = CD1/DC]
64
CD1
CD
C CD1 DD CD
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P/Q
dQ
dP
DD1 P TR
P DD1 P
PR
PR
Price
P
D1
R
Quantity Demanded
IV
(infinity)
dQ P
dP Q
DD1 (dP/dQ) (Reciprocal)
(dQ/dP) P/Q (infinity)
P/Q D1 X D
Y D1 e=O D
e=
65
Y
D
e=
e >1
Price
e=1
A
e<1
C
e=0
D1
Quantity Demanded
A (e=1)
AD1 AD A D
(e>1) B BD1
BD B
A D1 (e<1)
C DD1 CD1 CD C
dQ P
dP Q
D1D1 D2D2 dQ/dP
PQ
PQ
2 2
1 1
P/Q D1D1 D2D2 OQ < OQ
2
1
D1D1 D2D2
dQ P
dP Q
5.11
dQ
P/Q
dP
Y
D2
D2
D1
Price
D1
P1
Price
P2
P2
Q1
Q2 D1
D2
Quantity Demanded
P1
Q
D1 D2
Quantity Demanded
dQ P
dP Q
dQ
dP P/Q P1
P2 OZ OQ1P1 OQ2 P2
p1Q1
PQ
2 2
OQ1
OQ2
Y
D2
Z
D1
Price
P2
P1
Q1 Q2
0
D1
Quantity Demanded
D2
X
P1 P2
(Y
P2 D2
P1 D1 OP
PP2 OD2 P D PD
PD
2
1
67
P1 D1
P2 D 2
DD2 P2 P D DD1 P1 PD P2
2
1
P1
P1 D1
QD1
P2 D 2
QD 2
P2Q OD PD OQ P D OQ
1
2
Y
Price
P1
P2
D2
D1
Quantity Demanded
QD2
OQ
QD
QD
QD
PD
PD
1
2
1
2 2
1 1
OQ OQ OQ P D P D
2
1
Y
D
Price
P2
P1
D1
0
Q
Quantity Demanded
D2
X
P1 P2 (Y-
(X
68
Y
D2
Price
D1
P2
P1
Q
Quantity Demanded
D X
PD
PD
QD
PD
2
1
2
P2Q OD2 P D = P D = OQ P2 P D
2 2
1 1
2 2
P1 D
P1 P D P1 P2
1
D1D D2D
P P/Q
dQ
dP
Y
D1
D2
P
D1
D2
Quantity Demanded
dQ
D1D1 D2D2
dP
P D1D1 D2D2
69
II
I
II
Y
D
Price
S
P0
S
0
D
q0
Quantity Demanded
P OPo Oqo
Oqo
OPo
Price
D
D1
P0
P1
D
D1
S
0
q1 q0
Quantity Demanded
70
Y' D
S
P0
P0
P1
D1 D
0
q0
D
D1
Price
Y D
D1
q1
q0
D1 D
X
P0
P1
S
0
q1 q0
D
D1
X
Quantity Demanded/Supplied
(A) DD
Opo Op1 Oqo (B)
PoS Opo Oqo Oq1
(C)
D1
Price
S
P1
P0
D1
S
D
0
q1
q0
Quantity Demanded/Supplied
71
(A)
Y
D
(B)
D1
D1
D
P0
Price
Price
S
S
PP1 0
D1
D
0
q0
q1
D1
D
Quantity Demanded/Supplied
q0
X
Quantity Demanded/Supplied
S1
Price
P1
P0
S1
S
D
q1
q0
Quantity Demanded/Supplied
72
(A)
(B)
S1
S1
D
Price
Price
P0
S1
S1
S
S
0
P0
q1
q0
q0
Quantity Demanded/Supplied
Quantity Demanded/Supplied
(A)
(B)
S
Price
Price
P0
P1
S
S1
0
S1
q0
S
S1
S1
S1
P0
P1
Price
(C)
S
q0 q1
0
Quantity Demanded/Supplied
73
P0
D
S
S1
0
q0
q1
(A)
C),
Oqo Oq1 Opo B),
DD SS Opo
Oqo
Op1 Oq2q1
Op2 q3q4
Y
D
S
Price
P1
P0
P2
S
0
D
q3 q2 q0 q4 q1
Quantity Demanded/Supplied
III
74
Opo Op1
Op2
Oq1 Oq2
q1q2
Y
D
Price
P1
P0
P2
S
0
D
q1 q0 q2 q3
Quantity Demanded/Supplied
Opo Op1
Oqo Oq1
S1S1
Oq2
qoq1 q2q1
75
Y
S
S1
Price
P0
P1
D
S1
0
q2
q0
q1
Quantity Demanded/Supplied
Pop2
SS S1S1 S1S1
Op1 Oq1
(=pop1) (=pop2)
pop3 pop1 pop3
76
pop1/pop3
Price
D
P2
P1
P0
P3
S1
S
S1
D
q0
q1
Quantity Demanded
SS pop1
S1S1
P1
P0
S1
S
S1
q0
S1
S
P0
D1
S1
S
(C)
S1
P2
P1
P0
S
0
(B)
D1
Price
Price
(A)
Price
S1
D
q1 q2 q0
S
X
q1
q0
Quantity Demanded/Supplied
(B)
IV
78
SS
DD
Opo Oqo
Oq2 Oq1 Oq2 Oq1
Oq2 Op2 Oq1
Op1 Oq2 Oq1
Y
D
A
Price
P2
P0
E
B
P1
S
D
q2
q1
q0
Quantity Demanded/Supplied
Price
D
A
P2
P0
P1
E
B
D
S
0
q2 q0 q1
Quantity Demanded/Supplied
79
Oq1 qoq1)
Oq2 (q2qo)
Oqo)
??OqoxOpo
80
Price
D
P2
P0
P1
A
E
H
C
B
D
S
0
q2 q0 q1
Quantity Demanded/Supplied
81
S0
D0 D D2
S1
S2
Price
P0
P1
P2
A
B
C
S0 S
1
D D2
D0 1
S2
q0
q1
q2
Quantity Demanded/Supplied
DoDoSoSo
S1S1 S2S2
82