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Lecture Comments (16)

1 answer

Last reply by: Professor Jibin Park
Tue Mar 22, 2016 12:26 PM

Post by Irene Chia on September 7, 2015

In example five, the wages of auto-workers decrease which causes a decrease in supply.
However, in example seven, the wages of workers decrease but causes an increase in supply.
Why are these different? The reasoning behind the different changes in supply can be applied to both...
(wage decrease=less workers want the job=less supply) or (wage decrease=more money to make goods=more supply)

0 answers

Post by Jim Tang on July 19, 2015

lol -- lin would be proud, he studied economics at harvard

3 answers

Last reply by: Rebecca Dai
Sun Apr 12, 2015 8:02 PM

Post by Rebecca Dai on April 12, 2015

Professor, in example VII, why does the demand decrease when the price decrease? shouldn't the demand increase when price decrease? Thanks!

1 answer

Last reply by: Professor Jibin Park
Mon Oct 20, 2014 4:19 PM

Post by Rebecca Dai on October 20, 2014

How come there are 8 possible demand and supply shift combinations? There are only 4.

0 answers

Post by Rebecca Dai on October 20, 2014

I got it. I asked the question before finishing watching the whole example.

0 answers

Post by Rebecca Dai on October 20, 2014

If the wages of auto-workers decrease, then the "boss" will need to pay less money for the same amount of cars. Why is the supply gonna decrease? I think it should increase.

3 answers

Last reply by: Professor Jibin Park
Tue Apr 22, 2014 2:19 PM

Post by Harshil Bansal on March 17, 2014

Ok, I get it, it is an increase in the wages of auto-workers.

0 answers

Post by Harshil Bansal on March 17, 2014

Why does the decrease in the wages of auto-workers cause supply of SUV's to decrease?

Supply & Demand

  • If demand increases, the equilibrium price and quantity both increase.
  • If demand decreases, the equilibrium price and quantity both decrease.
  • If supply increases, the equilibrium price decreases and the equilibrium quantity increases.
  • If supply decreases, the equilibrium price increases and the equilibrium quantity decreases.
  • If demand and supply increase, the equilibrium price is unsure and the equilibrium quantity increases.
  • If demand and supply decrease, the equilibrium price is unsure and the equilibrium quantity decreases.
  • If demand increases and supply decreases, the equilibrium price increases and the equilibrium quantity is unsure.
  • If demand decreases and supply increases, the equilibrium price decreases and the equilibrium quantity is unsure.

Supply & Demand

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Lesson Overview 0:13
  • II. Product Markets 0:57
  • Shifts to the Demand or Supply Curve 1:50
    • Demand Shift to the Right
    • Demand Shift to the Left
    • Supply Shift to the Right
    • Supply Shift to the Left
  • Example 1 2:59
  • Example 2 4:28
  • Example 3 6:13
  • Example 4 8:17
  • Shifts of Both the Demand and Supply Curves 10:05
    • Demand and Supply Shift to the Right
    • Demand and Supply Shift to the Left
    • Supply Shift to the Left and Demand Shift to the Right
    • Supply Shift to the Right and Demand Shift to the Left
  • Example 5 13:44
  • Example 6 17:14
  • Example 7 19:21
  • Example 8 21:43