Chapter Outline

Headline: Samsung and Hyundai Electronics to Cut Chip Production

1. Introduction
2. Demand
   1. Demand Shifters
      1. Income
      2. Prices of Related Goods
      3. Advertising and Consumer Tastes
      4. Population
      5. Consumer Expectations
      6. Other Factors
   2. The Demand Function
   3. Consumer Surplus
3. Supply
   1. Supply Shifters
      1. Input Prices
      2. Technology or Government Regulations
      3. Number of Firms
      4. Substitutes in Production
      5. Taxes
      6. Producer Expectations
   2. B.The Supply Function
   3. C.Producer Surplus
4. Market Equilibrium
5. Price Restrictions and Market Equilibrium
   1. Price Ceilings
   2. Price Floors
6. Comparative Statics
   1. Changes in Demand
   2. Changes in Supply
   3. Simultaneous Shifts in Supply and Demand
7. Answering the Headline
8. Summary
9. Key Terms and Concepts
10. Conceptual and Computational Questions
11. Problems and Applications
12. Selected Readings