UNIT= 4 => [GinpTen-4 Joie Marker Forces OF Oo ™ Supply AND DemAnd 2 MARKET 267 -mnant Z anetfoulase ee weadtd tugooond oa 4 P a-quoup dewumine fhe dé fete ae ant beyoo 2 Sees w ine oneal som The uum. 0 et. moa Bs used to “annie aan wohbh thuu au AMON, wif a ay pean thet each (an st [tan a megtigibte 3 cae et sehoaye Loo a dun titel Junoon 1 fen tee putas and Y de mone, Buhne ‘d oo ra cane mo single Ibuyur the nmanpik “puter co20 each Vb tags tiy .'Sna amare ‘e combetitius mantic PEAPECTLY compeTiTive MARKET pfwer # :y i emt a thaw isto — Ore 0 gale should bo a ‘deel ae Cou au cay sarnt)- tu b pulluy au se TuumuUoUs ch ie ding buywe or AULL Aras uVimatis preter eu competiti abt Ne ee at oltacete i ae i 7 aa The DEMAND QORVE S )- : * GemiiTy pemanoe DEMANDED + oh oh gsi ak ood op te the | ‘i fa cae abi: “te tect ak * DEMAND a 2 an Hu selec betuuwr® vee eee es eee ti trad Into ig ards dae that wg 25] © 10 do 80 YO So o 10 30 Yo 4 So — in qontity -| ¥% MARKET op Ve type re ay ee SINDivipuAL REMAND ¢ Demanded by 4 | mand ty 8 | Mai. ° So + S Qo. =| so P p !o Be ts yo o Is '0 zo ey ao «SS s 20 «6 = os) al? ° 10 Cea BoBR SSE SB ® Lo : a Gh dd © guonsriyfaumontit 4 ceraumer — Master by, comumetA 4 TB ob = ot funn mm asddse fuun, ‘masks ; . os the Erdiiutetual dol 6 puto pee " i= a Rorigertallz to ‘ebtain manior baie Jouhut dé cum shou hous dhs fofak quanti dumandih ff ood cyoui: ante putes of He gon! woes» wshtlev alt othe fdetor thok lt how mush, consumes waar to buy aru hud onofare - | | #% MoveMENT AND SuipTs iN DEMAND CURVE & | MOVEMENT & wah thus a chaingeEn quantity dd dus to change iv i ules — Wh a. mowers qusure Pp p dd ae Covina ad wouse (expansion) pspucbocd cniDDenere ; Me ot See (set Smee | {iy lo the Oty dol» 80, Huser @ $0, thue @ ‘moutmure y os mmoulmert along 4 sane atomg tha deh ust, Gd use ye gutet oth cane shifts wshun tho ip a change fn a sutware variable that i mat measivuic, on dittlue axis- e vouuiablis such as incor, hu. pte of sulated goods . antes Cxpedadfoms and the Munnbse of buyers ast om Peausunl ere dt ax) 80,0 change th hose vasidablis Lowe a hit in dol tunue+ # A Indd dd ¥ In ad wae Imoaud ahife in lu] optnas ¥ Isha tn a. d del dd. 6 hang? Pp ‘ 2 dd Cuts dit to, Sold) tharge in vauiablo SS olhut than fattoe Vowtlabtin Wan peat ot 4 ii. » ee“hy Change tn vautables dhat causes 7 indd tit had a edarteonsd/ (1) outvoasd “shift in the demand cose ane -Lallid a0 fewuam fn Beeman « 2 Bod hana fy au Yh ads sh tnOM dumandsd ~~ sill Lasnt \ aud’) ! Font Bh tn suas del obear and walled ab cuciuars fo demarel. ¥ Thue as Gatlin bs i, demand auuve ¢ : et thot can shift Hu demand Guu » Some of thou au © THNCENE yom.» 9 qa —> Normat good (god for ahh, ings & ary nom T= dd’—> frpenior good onan Sine (e0= Low yotity A inddif tha goo) - @pputecg Related gents |S ns feiausteas) % Subettute goods pats. odo Hat asie utd in law —Y a aah ad Og yt as 9 ant U ‘ (Ect aig ogo ogee] {tn pute ome Lado to an 1 in thy dd ott good} a [ayes ty ope? 9 ees) Substitute good > Ve seelahie ‘ R do Mad h fo * cmt gee i UY oe snp ap | & Aighe Bly shoe, uf $B edttrate > ss [Prigntshoe $19 Ad of night sho Fd aoe Tetarasy = ogi me LG oe combi nds as. 2 gente Leh ov tn the pi 19m hod wav wad y ong Pate domplimens: gos? ve sabadionshif . @ (res) = dd Ns Cohifts outcast ch njesewr thangs > dd (4d casas ahifts drmsed | lptoosed )sa abou He fade “4d sayee joven’) @ Epes: for gocseloveuien trio Youerbents hi ue enue ae oe i fp Btn ad "ata, maser ho goal cowie today « you ae fas ‘ wow buy amos He age tut ae tds gooel tedoy ’ 4 tn dol ul) i ‘ ca shot He puice op 5 fc eed le of that gona Le fOUL Vig FS a Cy by a) ' © Era 704 july ND 1 tah ind A an fc * toate s | gia a | my sf ape? > rads tot in de at Hu wun Lad: > found 1g! ot ee 5 .a [SUPPLY] + oad cy me bi or Auk “in sy at ey i Se mC a ate lots ab * pate wt a a ea ee staf ge fo oa eS ea aps Kh fdus mudy produc “Oe wank to sul. “Pa : uO. p \@n Eaten rere ee 7 i O\e alr 2 ei 10 c \o. 10: ool * Se ele % ottty 2 y gies bss, pean gs aoppito a supbiy. dusts herizord a to obtain the tm He oo = Pe fame ho Ht total Hany ve m Aatding Lore * ay i gera luc decifends abauts haus much ws af at she bene aunt ie ah* ne) PYEMENTS AND SHTPIS tn SS CURVE ¢ ) SHIFTS fn SS GURY eno} at Supptled @ % Novements th gs one» Pep yoy ssavuu ty opp ae a 1 | Zon of aly Bathe Cre x post poet (oho vedere). @ moun Neon SuleTs fn $s cunvé 34 br award vain fee == oo helen it th. wehange in the ‘7 byed — ral wcauat ahi Bn the aca map if eal ee The suipes Ht a “le shifts te, 3S Luu ty ‘a a ite wane in ath ° 7k Some of “These. valinbles ARE : may? ay Opmrarratees I y 6D pul of or or mane fusditoas Ppt Me Hn > ws Ss aap ble {ss-toan olf Jvoaee J, or Uipe to3: inputs Vo 7 gig bem a 3 SSR: $.35-cusua ual bf V2. ¥ Advancerunt inn tech lagi OE ae oe 2 Lys abou ightwt 5 EXPECTATI : und &Xpect thot “a @ Grea * ili Rin ant Sat a tome 3 35¥ Clot dat?) oom fe gon pen ie cna in steray. 135 gu Lyrowel EA oF SELLERS ‘ @pms un fn Mauka: Me, osha meds As Some Jrucuet > SS Cbs i) a 4 sl Bn maubut yes, who made Ae dams pteoduet => Soq ¥(Equictontom |: © Couisehuium iit ipa. pobre: at ushiity and. damasol cu uso Erduwect « Ti ut ok ths i puite, cand He randy . ‘peat © bypitcbuiem a. adtuablen tn whith vaiulaus fosces caus fr Balance Usteich docttbes maskits equilibaiun + o Ae the ftualum puter, He quart jet, Hd bay eae Ce ial ty Ht and ante 1 4 tain fj abo Lolld > Moukut—cliaweing footer » beor pute, fey in ts masetict hao hewn dodigpid te e+ Suyeus be big at ag comet 2 Nef ancl dtu fous dele alt tht wank 49 Te ations wis and seus mour mated tpvooucld He tele and semana COncocgh inuipfole hancl) -" Tp su ph > Lonsidew what hoppers yohury the nasi pulte ip vot do He quilibutum. o Lee’ isco dove Lass 3 5 volun Mit pier fp about (Gse-2]—> ushun munetputer {d beloue he 97" fouatte C pF") he ey fous (r’>P*) fx sae ty dol > Oty SS pei P 6, ty demands K Oty slr y nua thau’s HU Bx bh gy tte good 4 Shu ae Thus oF cxcons aupplye MN nF Ethanck fa ban aia et Sra exono soup oe ee Re Hu Compuition amdng buyeus KOS coz ue ” Ce a woth wlll gl fo fr fata oo got mie flee ne ein {table oltuahion fo Abu» to A 8S bo aul ot end abut cut ry en weet oy. Am eat pate wit ate dt i nd aa gl cS uid Continue to faut undil Hu mig | dora 4 ne fi in hat Lis Eq™ paint.’ backaty its Bquaitinntunn froin +CONCLUSION? SS ae ° eel 4 wohethoe, te Jou’ Hu cme Con mua ade hohe malt Squilibuiam etce, « 6 Once, he mash sachs ie equilbitr a a fou wu sotiilied , and. thuu is no on fhe 9 mp phenomenon ip a9 fowosive that ft ip tablid He Supply anc dumand.* , ipa g od feet He Quandt sili la nde ip i fh tt gdThee Stes “To ANALYZE CHANGES _IN EQuluBRIOM ¢ ¥ ii . The Gut actyy pute sean dapurd om +u ootton G85 4 dd asin, Mba Sem cunts shety or thor oom yt Sqlibeium fn te ake charg, yg al ys ; ; \ Habne tu Nuw puis and a Mus Yond x tdhnn 4 df and ule. } : t * wine ‘howe seru quunt affects Hu equilib dn a-crmoschet, wt Vbsecud fn, 3- spe ; 4 © tohehue hu cunt ohelts Hu Ss avy, dd cv er both cusuw- ; ‘ -(becing tHe. @ wohshor the ceva shits fo the Wipe or Hs the pt Ceciting ® ee bade 85-dd diaguam fo compau initial ard nun eyrilibtcium Whuth shou hou. a ayets the Muilibuium pute p “yoonkity.* *(CHSET]: SHOINGE IN Menuet cquiviag 4 © A SuieT TN DEMAND $ I lum Due To A, Suppope dus hot wsathue— dd for La-cuans tas tre propls war mous. to busy mos inur Vuams O This? En del fore ince cucams wilt Lead fo Ohi fn dd seu to hy sight ¢ fem DD wut DD) Oe wut DDg) . be at Hie trial b.™ buter (pF) thaw is exceys dd dor H-cuam anc oherdta: fe- cruam induces firms 4 noise fey * uw Ino id iu p's é i defen ve AE thi ed fuice , oupptiows now subbly (or frrodutee) more or dhe. aly: oupplted for fa vuam from @* 4p Q)+ Hh $5 uoue 3 unchangsd Coz, thi Lotatx does mot olduectly (bu fiura that bs i ‘Gam # Ye AB wshun hot weathue tes the dd or fee-ouam and dfn wiht ute and Hue quanti of ice-.Guam that firms tigen s tuen h Hu 9g Cue tumatns the samme , becaum thus js an > in Gy eupbuied but ne. ee naies Hu supp quand itien ’ i i a Sap fh oa “ti pla Hyon diy powathue does met atte tt faur’s deaber 4 seul ak any giuth pute. safe ot at Hae alterwo ih bee dusjun to buy. od any gis price ancl Trot ity th del use 48 sight -7 F jl ATi 1 tn dernand, souwes the Byatt fer weave {0 pb > Ory supped feo + fhe This # in aly Supt, Jp naptunerded Sy rmowumerce tong bbl weet > “EMPORTANT 3 » aa That ts dus to ° GHEY in 85 come ip cable a change in Sufply estore oth hare ee, © A mowment ateng tu fired ss uneue fr Labid & . . “chang in 6 ay ‘Supplitcl” That, ip dite fo change in putes » Shot tpdun fo chan ® Shi in dd aur & cabll a “thangs in dumard 3” in Jactors/vasiobl . Otc than prices © A mount along Hu fixed dd ccunur fp Lath & . v thangt in Ouest dernard” Sy THOF th dus to Lhange in pociea: Pe Me Cquitidset puice P| Jnitiol Equitinig SE pute r* fit Suler ft fe [CRSE=T]s cuange try MARKET _EquiieRfum DUE TOA A SUPe mange he © Subpope @ hurricane dunt putas of ugar Th tn th ater 9 axugear Can fc for mating fa unm) GHicks Hu supbly Laune + By ting the opte] preauction , 1 paduces the aaa tf Ht rm on and sel at ony lane | cnt! teow. doo» ot change Co2..» th high cost inputs ae nt atop Yet Hu amount gy He cuann bay woands fo yo: a The 88 cwun heft to the Ye, becaum act euey fata, Hu dota amour Hhak firm ane witing aff able fo dell Seduced - Sty eeutue shifts trem 85 io Sy at old (énetial) Squilibuda pute CP)» thaw is nowt excers dd for tle- Uuam and snip shortage LUE firms to Kaige puites » from pe pr. We can og that ana Peatut of ttn sugeee puice 3 Will Louie Hat En sqyitibsetcvi profes and ab th éym Quant (fe- cuam)(CASES) SuieT in BOTH _SuRPLY_AND. . ; @® Suppose that a fiat woaue and a Ruwusécans ovcux dunting de Aame dbummus TE thib tan’ both (ddl g 9s.) cw mut chit ae ‘ee aoe ee oe any. ph je hae buy ne thal cana ae ap a a ice ap * sagas fasten , Halts Hu 8s ewe Jor La- uuam bo fH chan ood ant of fee vain. he frm qoank to alll ab ary pin pibiuo - He amount 4 Rees hie te tune cunts ld ceow will shift bo thy xeignt obimaction and 88 tuxus wat ae Hu oft olisection Two ponsib: auctcoru i a een ete Foo fob 0 and. 4 a In both Lares the ae wall ager J AbD SS D> BPH. aboot, ddh< sey 3 £97" Bty ves Th» desma ce ese Sale Ms fac fe pot thie # Enpact on ty ameurct Y ' ta yusmn aod ip ambiguew Che 2an ithe s or 1). 'Geasticity AND 11S, AppLicATION ye GLAsTiciry s0A meas of tu, iuspensienee dumandid Ser quart “ceo oul te ea, ° Lan cos suspen 7 epat eamtls e oN sty a Pale Euasticiry or DEMANDS oT I fd, Atos Sako tn te (O00) fn ate ule YO Grrr saitea (ors) the quantity. duu Ey t's toy ole 4 in tu puree ‘poue a 20’ ule eloatfedly of dd = B= p 4 10 . . 2, 89) % th gn He Mont Sandel a Posey Hat an tage a? he charge in He pale: olglantte damand-)> dd ow. good jp said 4 be aoatic. Hy Hu quantity dumarded) ae on Laubstont tally. fe dap pi” o[Snelantte dumand] * dd for a is sais to be indlaatic 4 the quandity derma sunfondo lightly to xnongan tn Cpuice- * 0 AMINANTS oF PRICE elasticity OF DD $ ETE @ (evatnsiciny_oe cose gossTinutes|® uboituts fend. 40 have more unotie demand. be2. its & easier i nem Shot 49 oHwo- © Good> with else 2 for consumes 10 auiten ft tt A aynadl 4 On the putes of ayer ( gs pc txsonatore) Loan thar) a Aye amount « in dd jor coe 5 f goth fongs fo Hu massuoue ™mashif - ode with mo- tend 49 haw lop daake dam obi ‘eomoumais intend ha sion eH et® INECESSiTies ufs LoxuRies |{ whuthia. 2 good. is a nus @, luxesuy. dypelds mot en Hu int te a “i pa buck on the psperenend \Necwatlate goods, => inate dt > 42 a lol. ey: sailbort @DeFINTTION oF THe Mamierls jo eee duces 7 Tha dastety of duand, fn any. rake daperdo en, hour ot ” boundauts? of the. madt . Nowe fred. dase mpd dase a bea itp Casive to sl ond i to Pau brood ee feet tends do howe mont teat oa longus Hm honors » ro the He 4 ey aotine demandud “apn the jest ju morta! YT Caine, prip od Ines {eee Lue, odes to public trarsportortion or works: Bur wihch Ms dubstarc 7 i oe ay of govetine dumaydac fables mone year [Mib-point” meruop|> Suet mie te sold oh sharps Elasicetie (92-6) t pl ity. = oS at pong 6! cen X100 sf ___ . CEB mc pa TE = so yet) AP Go 6)*% Th vagiety of op curves: a eure JA tursuun ante ctanipiec according p p dd e go tne cool e Fi i foupectly telat det Treat, dd 2 ed ey O wuknows that AP> og. Mt faint, A> pay Q=100 TR= 400 (uxI00) Now suppose, pulat => Quant mou, at point B > P=5 (A) a. 0 = 0c) TR=450(4) Conawlont Pro gy a TRT PM AinP Leads to TTR , bear on ankeap’ te Yin @ ib proportions dmavue than He 1 fn P- the DP > OG ; 2 The ochre. puuunwe from sellin. nth ot a ‘ne hate rod shan, du decline tn suuerut from “ig fae imi UE [TOTAL EXPENDITURE METHOD To CALCULATE “ELASTIC! Ci awa amount pal by pas a iy sus 7 utot 5 Total sauna = PX Q = UXIO0= 400 Uj, sone +A ui ° i ‘s 04 tuniue is woatic. AZ dd Ho 100 & is Uastte> wr know qe “ thot OP< AG M pole A > Q= 0 TRE yool!oox4) Nout Yf pr > QL At point > P= SLA) te =70 WH TR= 350 G) London’ pr> QTR AN AMP bodstoVInTR 5 Coz Vtn8 is puopotenately Lav than Hu * in Pe ¢ oe ike AP< OQ The suduction, in ty. demandid 4s b0 losae thot tt! fs more-tan. ore of tre inecua th putce « % The ecto. seuanue ‘ untis at a hig eet drole thon The otcttue $0 the. Sanat from autting deer unitsGACUSION S Total Hucrme | Tad expan Meth O7When dol is inelaatte, (sP> 49) (ea they ; —— CPultrs TA-mows Jn the opfoole dixeation) Wlhun dol & unit eaote (ap= 04) (et=t) ofFaan try CTH puunur seemaina conatord wait nary tn p p eg =co : . KE Stuaight tru“ had 0 ee Constant slepe - oO a OTHER DEMAND evasticitigs 2 4€ [INCOME euasticity of DD) 37 Meawus hour te quanti charges 26 Lensumese fn¢ schon» ihodd= Cr = se anange fn GH dun “Freon laa = olo-ehongc'in income. Normal goods’ haue -tve incom Uastieities beo2 + in income => uu Lao to 1 fn aly demand 61 the mermal aoe © nf goods Hou ue come els be00." ty Broome wilt bea Ey tn Hu Qi demandich Y thu nfeuler geoet ais 2 Necerotty goods; 3 Salt, 4rd 9 horu amall income elastcis é pita e ° § umes choose to some oF Hun aan Incomu ip tou - “¢ + Cohn Hat ° tug good * aiamorde > havi fossge incom etasiciy begeay boo cconwumens ful that can ds witheecs th WY. thule Pacers eset Ho Lecce nk GCE atomandid- % \CROSS— PATCE EUAGTIORY OF DD) + rmennusue hous He Bare ® aod. paspono chan Opodo yf anathee oat jood-L- tal o[y change in gy demand Oop» ude dasticiy | dumand = stodag be ‘ay ee 7 © Satie ert nga dacges > [te 4] sve t050- puice elastictly Of dd © tompluruntary Goods t (Bajwa 1 daygpe noe [iyo D1 > Vt en Jutta death of dd ae quantiy supple ¥*¥ (E 7 ue LASTICTY OF SUPPL $5 means hous mUdY AB xi00 spunbond» 40 thangs in puite “cain oy spi = price cLastflly g b= es= seg fee se = ah fash i = Brgy f Cha- Pu ' = BB yf oP > ‘_ ee uRVE 2 , > | = Ls ie Gs Gs <5 Gs Fraagite 85 alia castes Blake 85 rea " 3 >el . te Pe Indastte $$ ' ae F i ete > oc 6 <' orga Sem, ‘s te Oe 2>bs ‘e sa wv a : supplied. is arat than, non ast i ar LD? Ee tn puso i fpr fe ane See Oe Sere Ee fag a in ty. supa |ul ‘ ssuwuy. ; uaotted amp bw a | a (sel)? AP X45 | ovate $s 6 supplieal ‘ Tanty 4. ouphly fp mone tran (uri > bP S485 44 woske $5 © on som mankity Hu uaskielly of gs jp mot constant but vous Quve the dp aut. “dd “me © he fiqu shown a dypieat sare or an Srducteey. B wshlenr fms howe i feo with & LerNtttol wai pusdution - # 0 Ht tour deus 6 Guontt upplital, dtu etoottci aupply thé Pang dat jis Jopond satan b “alge f ha pace In wip mepion , firm frost eapacly fer prool™ thot ts mot hivg ol (gt Ctra Lapital/Jobou)—2 40, in tags tore, ewan a AML ® in puter anate ft pougttteble fer firme fo prool® + 2 din to dma tin P 2 Bly supplied ? by a Laue amour. “ CAP < BGs) « gnee , Lapacy wd, ineiaaing Producti page? ° Hu simcpualcn Le etcmns wale ng : ae Tate, Fo. froluee furs Jo bese Sly extra. PB, ane brates meat sed = € ie, . ” J baton 5 40 subtinadeny Bobby decom Lu elaotie, daa te | Cap >Vn8s):“Tite Apputcatfons _of Surry , Demon ANP Gasticity ¢ Os CaN Oop NEMS $ AOR FRAMING 85 6AD NEWS FOR FARMERS 9 ‘poly es a> wheat faumue > mous 6002 fan aul eee fren . jou. dole Much aert 0 making I: fousduchis @ “rl mone ha > high wilt fe youse incom stondawed ig wen of wheat fet ° | So anume thas: a Psteupul Q Tue naipes a am fsumats ‘ean -fosodute. fronfl each Bo & Pow ship sucovury onake you bee oy or voe7se off no ere «Bowe ae Ka le guts Sse (ig l | 8S cunue shifts to Hu sightioawl 9 i fromss fo ss!) | (Bhyqusheat ould tes from 100 6110 and futaoves from 3 a) “Total wen a foint € = PXG= 3x100=300 i Total sua ‘at Paint 7 = PXO= AKUIO = 820 rag GST > PG2GT2 TRY oye: ahs forms Inte p 0 Fh dipio tc to fusdust more | us. each Suohels whichis is tan te is “pu shan yore Py): 4 © whutut TR Toor Veo dependle on Inelastict Oi fretaatic. 6602, Hue Heme ane sulotinly inerpenstutl© of dd. —9 and use Aros that dd fer baote food tite shud Is nd hi feu cf pubatitectes 7 Fras Fassia $5 Endacie. > AP > dQ > Lame TRY “The the discovay of Ha nuns by butd Jets the TR.“H pumuro uu made. Worse off > 20 way thy aft Hie Scour ? btu anowue bes Inthe Q-chasnoctueiphicn competitin maseets, Mae toa gid ae hee a oka low ustuad» 2 ip bette to Lot Obed jai ‘au maser Ushud me tt foximusin "ho Hu 8S ushat Neo 5 pie lo: Tes anapt of amuse s jum Prucducts alae Aulps to he. a ee asad ox af putsic fll ‘hum tout ms bi es na vee fearon nd fo hulp te 4 Enotucing Te puupope gf Huse aoa bi wv 8s ‘so aad Fhueby 1 puiteo > lalith Enclaatte, Waa mews suecelue re TR) sobbeg drnadlu ope Ham = snot foams wile” be be ef ok dondtuston ¢ Whur anabyging the ojet of Journ den or fesun te bt ne dd oes, what ip gow ie feumups 18 met neces god for soni Tapususrunt fagarm tech: 485 BYP? “tally fu > ihe for oe posi ainda VSS ST puto good bi faves s lal aman (TR Gr dor ocitty ave vara) ©(D WAY Dip opec Pale To Keep Tne ce OF oi. wlan? % Tie opEC cpinodsn a Au 1970s and 198% ‘aha hows 0 Br debideatn beau dipfountig © fn de Shon Heine and Biv tha Song ies ean SA, both 38 $ dd soo Snelootie - beoz te quanti Anourn of Hent1uis Pee apap then wcannet be changeol, the apace jor otf ‘ale edd ‘af inelastic coz. beatng f ee do not sucponcl “Tn SHORT RON | En rnudhtote 49 thaingeos tn ; of, SR 8sp dd ume au ov a a AP > Ags Lay i ad ier id FTO ADAT tr enon fe wy sot tt ° ol Shy ha tml > sae oil Sutside, OPEC ites by Aen “aH eabatten and by “on Lapa wohl, om consumes spend coruwasion, Auth an a od in tain with nour © 8, In LA, B88dd Cwm oor putotidy elaotic. fee hit in 8S cure om SSfo 8S) , caucts a Iruith amalioe ‘® tn put. Pt an conpaud to SR. & if ¥ conciyston $ 2° ae anal is he aN ne ree. eee fn Thur 76 ope smu aque es ‘ tn na the San eye ee in theuh, each OPEC mumbeae’ a0ld Lins f by aa much in SR that OPEe. incomus(TR) Ney thera eee By contrast in UR, “whun both 8S B dd aue dlashic ‘ 4 eaten Jim opplie y taunts a amaline in hatte ne “Thus , OPEC Loordinadrad suduction 1 oubbly be pravicl Luvs frapttable fr LR» Th coment se es ae af ae jade | Fone nan ‘5p se tn® DOES. DAUG CINTER DICTION. Aly DRUG - RELATED _calmE REIENYG) x uaraugs the pusepaote Prbusdichions jp to vaduce an Hs divech ‘phe ti hs ato bdlows 4. si Whav in Coat ta Supe es abe ans ups fron co feats og Hotifena 5 sadluees (uate ancy 4 igh i Buty He demand 1h eee om a semana er ea angie a Ss ° pee He 8S enuee #0 the ff f 9s ss) anol dd cunt ‘one ° Th, ea pe ot ea ° Th in the shows 4 a ‘rteudicsen oc Gpaduace diy wat in tho » de . 5 But, we Rneur tract dimarel for or ups, bb, Enelastic.» Cow obiaumn in-Hy about Heo oy dd ip fnelashe’, dhun ‘an AIM Pudiy D Bed TR in deay morte 4 fui woh, ald. J AGP SOTR 1 4p auptmck drut fobs would hau anv bun pourtse oul for diate aon frendiction auth & fre dieug setactect i» Fluo dawe *& Beo2, dup advewe Ho of paduel the Hu 9S of beg 4 may puouieling- hunt ne Nowe, we eu Hh “yee pp education sda ti sy boy fo thy Sip dug intuicton => path than dui > ligrmatins night: tauy. tp rudkuce te dd dd => of dy & Thy > “Hip, we eon Bysetes Sw a Sei dy a, dicts and duu ed esclribe A kudce, et Revocedes a junds from 3 SA qpasied ii aly ck pan, sects one nih Hime. iba inetaotfe Si ig eit daly je best sabioh dai rts ea 1 fuden do nat feat Atprouroye dug hth M4, antic, ou ik ti woul Le a dt Ue ei at Intudiction[UNITE] [GHRPTER-6 15 SUPPLY, DEMAND _AND GoveRNMENT _Pouictes AMCONTROLS ON PAIcES]= (aia ng) ag on thu pour at ushichs ed stan te sold. 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A, pur ceiling» pusctucenty vou cutting to "but Gg and corsumuss bwser uséttry fo bay Bp » Thus, gh Shift in SS Laud a seveu dhertafe adhe suguian put (p> Qs)+ [ZORCHSON: 1 tu ret uy thu pute. actu woeeeg sata eam fe inlet ose oMsIote forthe taco tn inte boy gasened 86 wWhin Hu pulley oeude of the pee 85 Bdd’ thio chm, Pade 9 gaan (a) byou opec saipe the puleo/ wreuds afl > mo q gonouire < ie cell « ae ta _thapore ha ne ec 3 ttt ota re HAE BetheA Commer xan be (i pe beady ot a or rp the Arbor) teresting may Holy. ee lable buct dt Ho unt -ontraly— Won the ‘ay tony te Mp a) fer. entral in SR 4) fet zor In, UR a 5 $d aes Enola) 7 “oh as dd au east) tert 85 pub ‘ a fe etree Nad oh oi 8 i Th OR nds fant ano? of ofbawarans hu ey &4 App oud i nt satis staid anol the pact: sonditon thonyt tr ss fl -awu. +H te tL iu is no uith am S ae pid ‘pesple gat Hele 4g hausty (44°65) fust Huir eousl ooucenpemun ga + @TneR both buys 5 cells Due gp, 85 3 del aus for woualhy Oe MOTE furs} "yt nels om gs afelt => wou glu suns Binding fue cece fondiords wlll not ay titel build rs appouet un m shy 4 dad ut dnd ib al dah on ‘maintodn the a ealstty eghe pulmacy apes hate SK fs fe sudo unt» endl Nol. 3 bse. o| sca, People uit del mone buen appatyunh . *, Both 9S Bad aux mere elastic fn Uk. », sunt cordral => encour’ iy #3 suber prety the *® ‘plat a Appauctnurch Chey os ears ag pe a dc 40. als ¢ seu. centred s Sn posh ; 2 voutaus ous to cad ety iy dei ‘oun fo Prowtding, alec Hatiy conol’, contrast, i spe sunt Control) <3 lehicn is "pate yf competition Hum dun pa EeXE HOW Paice “PLooRs AEPECT MARKET OUTCOMES 2 we er ———e——e When the gouts imposes a puice floor enahe mauket, hoo eudoomus axe pouel 0) Aula poor satis mel Bnlng (4) pe tHoor Ha ts binding: SS 7 te exces SS. me, oe or lo pF 12 — FB fai juror Blo=* a aly: qo ouary Soe . Ones Sion tam ozie kez eqmbudte > pul poor # begs egmpude < pu , 00 bigeye ya a Pett 1 enon ie mt Cee ota forcen of SS:bad Herd to omout the i dyer has In het uiee fosoand 4h. 69%" pull bak vohundiac, ; ~ ‘ rama puiee fitp the pail fers Et can Jou ne jon Po M bd uice equate Hee protec fleor od this wi han Os >On [excoo $3) fre sellers Qe Unable to ALL & thot ye parece act dhe gatry peste. Chuia foow = 712). :©Thus, a binding putin Peer cause a gusplue fom eee | ase-sToby? THe Minimum a A common expmple of puter few is minimum voape. (fees Mffnimuem toap. Mont felt the lowest pases for labowwe thot ary) Joba ‘may p04). ee a if a (opus atta AOS sum oy 85 tes, Wort determine, j thy 88a] Inbour and - mf _ Ne gems chev Heed ¢ btu vi oy “7 goa down’t intexeunt, | Oh. [Naa borage la lt aly as ajo fobout 2EOUSS F645 poles mit ttntrdmum-woey oan ae Taba da oa eyes 3 Cause