Price (2000 dollars per barrel) Year. Quantity (millions of barrels per day) Year.
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Transcript of Price (2000 dollars per barrel) Year. Quantity (millions of barrels per day) Year.
Pric
e(2
000
dol
lars
per
bar
rel)
Year
Qua
ntity
(mill
ions
of
bar
rels
per
day
)
Year
A Supply Schedule for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0
At a price of$96,000...
(7, 97)
Supply
(6, 96)
...6 apartmentsare offered forsale.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
At a price of$96,000...
S1 S2
...8 apartments areoffered for sale.
0 1 2 63 875 1310 11 129
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
S1S2
0 10 3020 5040
20
80
60
40
Quantity of Belts (number per month)
Pri
ce o
f B
elts
($
)
A Demand Schedule for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
At a price of$96,000...
(3, 97)
Demand
(4, 96)
...4 apartmentsare desired bybuyers.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
At a price of$96,000...
D1
D2
...8 apartmentsare desired bybuyers.
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
0 5 1510 2520
25
40
45
35
30
Quantity of Tables (number per month)
Pri
ce o
f Ta
ble
s ($
)50
D2
D
Combined Supply and Demand Schedules for Apartments Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
Surplus
Shortage
(1, 91) (9, 91)
(1, 99) (9, 99)
D
S
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
(5, 95)
D
E
S
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100
Supply and Demand Schedules After an Increase in Supply (Only)
Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 12 11 10 9 8 7 6 5 4 3 2 Quantity of Apartments Demanded 0 1 2 3 4 5 6 7 8 9 10
D
Surplus
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100 S1
E1
E2
S
Supply and Demand Schedules After an Increase in Demand (Only) Price ($1000s) 100 99 98 97 96 95 94 93 92 91 90 Quantity of Apartments Supplied 10 9 8 7 6 5 4 3 2 1 0 Quantity of Apartments Demanded 4 5 6 7 8 9 10 11 12 13 14
Shortage
0 1 2 63 875 11109
91
99
97
98
96
90
94
95
92
93
4
Quantity of Apartments
Pri
ce o
f Ap
art
me
nts
($
10
00
s)
101
100 S
D1
E1
E2
D
Price
Quantity
Year
Pric
e (2
000
dolla
rs p
er b
arre
l)
Qua
ntity
(m
illio
ns o
f ba
rrel
s pe
r da
y)
2006
1986
1981
19781973
19741979
1996
1995 2001
Pric
e (2
000
dolla
rs p
er b
arre
l)
Quantity (millions of barrels per day)
1969 1995
1979
1981
2006
1996
1986
197820041985
1980
S
E
D
15
$52
Quantity
Pri
ce
S
D
15
$52
Quantity
(b)(a)
13 1514
30
40
50
60
Quantity
1979
1980
1981
Pri
ce (
$)
Quantity
Pri
ce (
$)
(b)(a)
D
S2
S1
1514
18
22
Quantity
1996
1995Pri
ce (
$)
QuantityP
rice
($
)
(b)(a)
S
D2
D1
E
S
D
Quantity
QD QE QS
Pfloor
PE
E
S
D
Quantity
QS QE QD
Pceiling
PE
Per
Cap
ital C
onsu
mpt
ion
of O
il (g
allo
ns p
er d
ay)
Price
Quantity
S1
D
S2
Q1Q2
P2
P1
