3Chapter_3 Salvatore
description
Transcript of 3Chapter_3 Salvatore
![Page 1: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/1.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 1 1
![Page 2: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/2.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 2 2
![Page 3: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/3.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 3
Law of Demand
• Holding all other things constant (ceteris paribus), there is an inverse relationship between the price of a good and the quantity of the good demanded per time period.– Substitution Effect– Income Effect
![Page 4: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/4.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 4
Components of Demand:The Substitution Effect
• Assuming that real income is constant:– If the relative price of a good rises, then
consumers will try to substitute away from the good. Less will be purchased.
– If the relative price of a good falls, then consumers will try to substitute away from other goods. More will be purchased.
• The substitution effect is consistent with the law of demand.
![Page 5: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/5.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 5
Components of Demand:The Income Effect
• The real value of income is inversely related to the prices of goods.
• A change in the real value of income:– will have a direct effect on quantity
demanded if a good is normal.– will have an inverse effect on quantity
demanded if a good is inferior.
• The income effect is consistent with the law of demand only if a good is normal.
![Page 6: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/6.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 6
Individual Consumer’s DemandQdX = f(PX, I, PY, T)
quantity demanded of commodity X by an individual per time period
price per unit of commodity X
consumer’s income
price of related (substitute or complementary) commodity
tastes of the consumer
QdX =
PX =
I =
PY =
T =
![Page 7: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/7.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 7
QdX = f(PX, I, PY, T)
QdX/PX < 0
QdX/I > 0 if a good is normal
QdX/I < 0 if a good is inferior
QdX/PY > 0 if X and Y are substitutes
QdX/PY < 0 if X and Y are complements
![Page 8: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/8.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 8
![Page 9: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/9.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 9
![Page 10: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/10.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 10
Market Demand Curve
• Horizontal summation of demand curves of individual consumers
• Exceptions to the summation rules– Bandwagon Effect
• collective demand causes individual demand
– Snob (Veblen) Effect• conspicuous consumption• a product that is expensive, elite, or in short
supply is more desirable
![Page 11: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/11.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 11
![Page 12: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/12.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 12
Market Demand FunctionQDX = f(PX, N, I, PY, T)
quantity demanded of commodity X
price per unit of commodity X
number of consumers on the market
consumer income
price of related (substitute or complementary) commodity
consumer tastes
QDX =
PX =
N =
I =
PY =
T =
![Page 13: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/13.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 13
Demand Curve Faced by a Firm Depends on Market Structure
• Market demand curve
• Imperfect competition– Firm’s demand curve has a negative slope– Monopoly - same as market demand– Oligopoly– Monopolistic Competition
• Perfect Competition– Firm is a price taker– Firm’s demand curve is horizontal
![Page 14: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/14.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 14
Demand Curve Faced by a Firm Depends on the Type of Product
• Durable Goods– Provide a stream of services over time– Demand is volatile
• Nondurable Goods and Services
• Producers’ Goods– Used in the production of other goods– Demand is derived from demand for final
goods or services
![Page 15: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/15.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 15
![Page 16: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/16.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 16
Linear Demand Function
QX = a0 + a1PX + a2N + a3I + a4PY + a5T
PX
QX
Intercept:a0 + a2N + a3I + a4PY + a5T
Slope:QX/PX = a1
![Page 17: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/17.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 17
Linear Demand Function Example Part 1
Demand Function for Good X
QX = 160 - 10PX + 2N + 0.5I + 2PY + T
Demand Curve for Good X
Given N = 58, I = 36, PY = 12, T = 112
Q = 430 - 10P
![Page 18: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/18.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 18
Linear Demand Function Example Part 2
Inverse Demand Curve
P = 43 – 0.1Q
Total and Marginal Revenue Functions
TR = 43Q – 0.1Q2
MR = 43 – 0.2Q
![Page 19: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/19.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 19
![Page 20: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/20.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 20
![Page 21: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/21.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 21
![Page 22: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/22.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 22
![Page 23: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/23.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 23
Price Elasticity of Demand
/
/P
Q Q Q PE
P P P Q
Linear Function
Point Definition
1P
PE a
Q
![Page 24: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/24.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 24
Price Elasticity of Demand
Arc Definition 2 1 2 1
2 1 2 1P
Q Q P PE
P P Q Q
![Page 25: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/25.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 25
Marginal Revenue and Price Elasticity of Demand
11
P
MR PE
![Page 26: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/26.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 26
Marginal Revenue and Price Elasticity of Demand
PX
QX
MRX
1PE
1PE
1PE
![Page 27: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/27.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 27
Marginal Revenue, Total Revenue, and Price Elasticity
TR
QX
1PE MR<0MR>0
1PE
1PE MR=0
![Page 28: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/28.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 28
Determinants of Price Elasticity of Demand
The demand for a commodity will be more price elastic if:
• It has more close substitutes
• It is more narrowly defined
• More time is available for buyers to adjust to a price change
![Page 29: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/29.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 29
Determinants of Price Elasticity of Demand
The demand for a commodity will be less price elastic if:
• It has fewer substitutes
• It is more broadly defined
• Less time is available for buyers to adjust to a price change
![Page 30: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/30.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 30
![Page 31: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/31.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 31
Income Elasticity of Demand
Linear Function
Point Definition/
/I
Q Q Q IE
I I I Q
3I
IE a
Q
![Page 32: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/32.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 32
Income Elasticity of Demand
Arc Definition 2 1 2 1
2 1 2 1I
Q Q I IE
I I Q Q
Normal Good Inferior Good
0IE 0IE
![Page 33: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/33.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 33
![Page 34: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/34.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 34
Cross-Price Elasticity of Demand
Linear Function
Point Definition/
/X X X Y
XYY Y Y X
Q Q Q PE
P P P Q
4Y
XYX
PE a
Q
![Page 35: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/35.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 35
Cross-Price Elasticity of Demand
Arc Definition
Substitutes Complements
2 1 2 1
2 1 2 1
X X Y YXY
Y Y X X
Q Q P PE
P P Q Q
0XYE 0XYE
![Page 36: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/36.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 36
![Page 37: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/37.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 37
Example: Using Elasticities inManagerial Decision Making
A firm with the demand function defined below expects a 5% increase in income (M) during the coming year. If the firm cannot change its rate of production, what price should it charge?
• Demand: Q = – 3P + 100M– P = Current Real Price = 1,000– M = Current Income = 40
![Page 38: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/38.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 38
Solution
• Elasticities– Q = Current rate of production = 1,000– P = Price = - 3(1,000/1,000) = - 3– I = Income = 100(40/1,000) = 4
• Price– %ΔQ = - 3%ΔP + 4%ΔI– 0 = -3%ΔP+ (4)(5) so %ΔP = 20/3 = 6.67%– P = (1 + 0.0667)(1,000) = 1,066.67
![Page 39: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/39.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 39
![Page 40: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/40.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 40
Other Factors Related to Demand Theory
• International Convergence of Tastes– Globalization of Markets– Influence of International Preferences on
Market Demand
• Growth of Electronic Commerce– Cost of Sales– Supply Chains and Logistics– Customer Relationship Management
![Page 41: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/41.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 41
![Page 42: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/42.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 42
Chapter 3 Appendix
![Page 43: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/43.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 43
Indifference Curves
• Utility Function: U = U(QX,QY)
• Marginal Utility > 0– MUX = ∂U/∂QX and MUY = ∂U/∂QY
• Second Derivatives– ∂MUX/∂QX < 0 and ∂MUY/∂QY < 0
– ∂MUX/∂QY and ∂MUY/∂QX • Positive for complements• Negative for substitutes
![Page 44: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/44.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 44
Marginal Rate of Substitution
• Rate at which one good can be substituted for another while holding utility constant
• Slope of an indifference curve– dQY/dQX = -MUX/MUY
![Page 45: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/45.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 45
![Page 46: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/46.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 46
Indifference Curves:Complements and Substitutes
QY
QX
QY
QX
Perfect Complements
Perfect Substitutes
![Page 47: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/47.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 47
The Budget Line
• Budget = M = PXQX + PYQY
• Slope of the budget line– QY = M/PY - (PX/PY)QX
– dQY/dQX = - PX/PY
![Page 48: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/48.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 48
Budget Lines: Change in Price
GF: M = $6, PX = PY = $1
GF’: PX = $2
GF’’: PX = $0.67
![Page 49: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/49.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 49
![Page 50: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/50.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 50
Budget Lines: Change in Income
GF: M = $6, PX = PY = $1
GF’: M = $3, PX = PY = $1
![Page 51: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/51.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 51
Consumer Equilibrium
• Combination of goods that maximizes utility for a given set of prices and a given level of income
• Represented graphically by the point of tangency between an indifference curve and the budget line– MUX/MUY = PX/PY
– MUX/PX = MUY/PY
![Page 52: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/52.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 52
![Page 53: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/53.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 53
Mathematical Derivation
• Maximize Utility: U = f(QX, QY)
• Subject to: M = PXQX + PYQY
• Set up Lagrangian function– L = f(QX, QY) + (M - PXQX - PYQY)
• First-order conditions imply– = MUX/PX = MUY/PY
![Page 54: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/54.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 54
![Page 55: 3Chapter_3 Salvatore](https://reader033.fdocuments.net/reader033/viewer/2022061119/546b544bb4af9f627b8b4803/html5/thumbnails/55.jpg)
Copyright 2007 by Oxford University Press, Inc.PowerPoint Slides Prepared by Robert F. Brooker, Ph.D. Slide 55