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Ch. 3 - Supply and DemandWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Macroeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Price Floors
Ch. 6 - Introduction to Taxes
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - Introducing Economic Concepts
Ch. 11 - Gross Domestic Product (GDP) and Consumer Price Index (CPI)
Ch. 12 - Unemployment and Inflation
Ch. 13 - Productivity and Economic Growth
Ch. 14 - The Financial System
Ch. 15 - Income and Consumption
Ch. 16 - Deriving the Aggregate Expenditures Model
Ch. 17 - Aggregate Demand and Aggregate Supply Analysis
Ch. 18 - The Monetary System
Ch. 19 - Monetary Policy
Ch. 20 - Fiscal Policy
Ch. 21 - Revisiting Inflation, Unemployment, and Policy
Ch. 22 - Balance of Payments
Ch. 23 - Exchange Rates
Ch. 24 - Macroeconomic Schools of Thought
Ch. 25 - Dynamic AD/AS Model
Ch. 26 - Special Topics

Concept #1: Both Shift - Warning!

Concept #2: Results of Both Shifting

Practice: What happens in the market for cream cheese if (1) the price of butter, a substitute for cream cheese, falls and (2) the cost of milk, an input in cream cheese production, rises?

Practice: If the wages of bus drivers increases at the same time that the income of consumers decrease, what happens in the market for bus rides (assuming that bus rides are an inferior good)?

Practice: If producers of garden hoses have discovered new technology to improve production, while the number of gardeners increases, what happens in the market for garden hoses?

Practice: What happens in the market for tennis balls if (1) the price of tennis rackets, a complement for tennis balls, increases and (2) the price of baseballs, a substitute in production, decreases?

Practice: What happens in the market for wheat if (1) the cost of fertilizer, an input in production, increases and (2) tornadoes ravages the Midwest, where wheat is grown?

Practice: What happens in the market for online tutoring services if (1) the government decides to provide funding for online tutors and (2) the price of private tutoring, a substitute for online tutoring services, increases?