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Lesson 8: Market Shocks | Unit 3: Single Shifts Page: 8 of 20

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An increase in demand caused by one of the demand determinants.
  • Initial equilibrium market at price Po and quantity Qo
  • Buyers acquire a sudden "appetite" for hot fudge sundaes.
A summary:
  • The demand curve shifts rightward.
  • The initial equilibrium is no longer an equilibrium.
  • The new equilibrium is at the intersection of the original supply curve with the new demand curve.
  • New equilibrium price is P1 and new equilibrium quantity is Q1.
The six steps of market adjustment for an increase in demand:
  • A determinant changes. We have a greater appetite for hot fudge sundaes.
  • A curve to shifts. The demand curve for hot fudge sundaes shifts rightward.
  • A shortage or a surplus occurs. The increase in demand causes a shortage of hot fudge sundaes.
  • The price changes. The price of hot fudge sundaes goes up.
  • The quantities demanded and supplied change. The quantity supplied for hot fudge sundaes increases while their quantity demand is reduced.
  • The market imbalance is eliminated and equilibrium is restored. The shortage of hot fudge sundaes is eliminated. The price is higher and the quantity exchanged is more.

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MARKET EQUILIBRIUM, NUMERICAL ANALYSIS

An analysis of market equilibrium using a table of numbers that combines a demand schedule and a supply schedule. A numerical analysis of the market is used to ascertain information such as market equilibrium, equilibrium price, equilibrium quantity, shortage, and surplus. This is one of two basic methods of analyzing market equilibrium. The other is a graphical analysis using demand and supply curves.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for slightly overweight pizza delivery guys.
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