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DEG OF = a bp, oy poms pal gge gS Ne yo |) LBL dale LS TN) JS 5 TN) Syn a dar gb Lats alee gl Beal cot yg (Pe 2+ LE IG pS BNLKe OF =a—bp, Qa lps gly da yo lade Col AT Cunsey D yd polis J spree yo dolar 59 olKana \Oe=\1) Wea-b A(Py ¥. BHP, =% Oe =) Spee jd Lali nie alee y Sol OF = ITP, cy pee Late wT gp Ceo (Py = Lalas gorie C992 935 2¥O-T-F BAS nt Ses sh bly LAW ote Oo ge NaF ly GED oll Jo o> Bhat yhe 92 cpl eayfo agey LOLS lai \ gatile Sat Bo shy Salil pny go> Shy sea OLE, Lisa S ayo opr y WE pas Yo) Der a SLs pte Eg LF altel yy ae eS cl, LL UI SIE 32 Seth NS ih ere SyIAEA SIS, wal OLS ta 9ST SF pa SIL th RIBAS bi sli Sa, ep Cad She Boge ly Ge Kile 6 Ka eI pls Set Ate labs y ole I ee a 1. Substitution Efect35 olait YA cee Ble ly Fyne Lae ya 9 cas at Nb San 9 ALE AS Ce WES cand HIB gale BI blew S peng cal gly lea S Ab tale YS of sles \gaclse gH ASS 5 pa nS Soo gs wT 2 I ab Sls a ee SF QT OS FI AS al cine Oy gl Te Gal IS a ghe WS ag 32 At oly ET cr Se Ath estle Cal OW dy beTy2 SI ge atl ET LE pe Oa AS pe ab ae FAST 55 3p et SI Ole al Gabe jhe PEI cal OL Were alas ee el tS dy IS de Ob Pee OL NO ae A FAST ee slp dale easy Ve Oleg Ver AAS CIS Sys ad gt (Lea ddd tele Fi ail Dg Oe gS pa ead ep ES US con Sao Lt ly Ss DW pa AF Glas gy WVT IT 511) Sle phe Slee Sle Que 92 9 HET is sly et Felt SWE ES and pat I ag AS le OL ee or! PIAS Cael pel SLE sp ples aula pHHaagdowe aT yo 2,5 bot Oy IS PAIS gS Hote sly sl ably 92 Bs cated ISS gS i) pa aie y atheat el lel tle ath al fe LAU goin in 9 99 5 GS ale Ke Ae ale go pose Belay got OT a caylee Lame 99 ST Coal alg allan Oy as ale eel lB fade ul 9 LOU puddle Cagle VY Income Effectra GPSS LR Sy pete Coble IS IK asd “USE a" ge Pee Dade JE teal yad LBW Claret yl yl i kd aed Aah 92 9 Cond opi byp loli dd HLS one SLi FI 53 coy otal (TY) JSS 53S pho Toe AS 38 AT Ca ste Cee ih, HI Ol a O. HILAL, ad aa 39 9 LAT yy Cand jal dae 32 Up LSU fale at Nc pat LOU laa cad Ao bgt odlalle (VP) JS 0 Sj sbolan acend By BAT Qa O, SNLAUE Jus Rg Pend uN pI foe scab LB coe 59) CS pe an LA poe bral EY) JS Lala poe ¥) JS LoWe 4 Fhe alge Y-A BS GE pS pS tees Che lye tb ol S bole Wy ens 3) wT 5p GUYS Cad (Y oaesT (ged glk jl tl OF hess ah35 lait o orseay GIL 2 Obl # bat) Cane & WS 4 ole Tyg Pr a page HL SIGS ole HEE 8 IT ayb A Oe i ah gly LB poe Sig Cel eit ge agga 92 4S Cod eglend y age open iG ge alt Isle oS Tyo PES AS HNL LE AIL Gals gles 39S gbayl gt ate cose ES Se GIES 9 He GUYS 2g tale 08h y ee sly 6H 1 AS cotta ha oI Se AY SST sly Meee SYS is gcd Alay LT LET SB Sh, QL 5 AT 2 ENGL AS opts GUE! PIT 4 Jp GIS So be upg Gi BUY oT tals Te Ce th el Ul ALS Lats eT 9 Gai Ly abl IGT YS OT oh, LO 1S pent NS ge 9 19 ly Jones GUE AE dale LW aoe gle ale " saap2 GES (GI SH WIE Ty ie y9 ERY ANGI L AS apo DLL! BES 6 35978 GUYS ele tabpil nyo eS jh pa UVC oT hy LUT Gg 4. Normal Good 2 Necessity Good * Luxury Goodoy ALT) 9 Lee 9 EK NGL AS ol dp eee GEYIE fl 2S SLIT eh NBT eye oS, 5f te UWS OT ly LUE I ie ed ale Aten Cael LAE 9 eT 2 ye pete dl) OH SL Ve al Ly LAYS yl anol aS 2 ge WIS I sy SELES Coe ye To GI! Tyo Al BIL AS opt SILI VS Cay BV el ge ay et Sas Shen ot AISI VS slats eT yo hal Ly al YS slo phe eb ja Bal No ary ce Sa dal Se GUE hole y LT 2 CWS hs ES Gey Nob Tyo GIB S he Se tage LS poe ae OT slat AI Ce eal ye Gale yay Dia ly SaT 2 alee poe 92 aig 9 OE ely sgt ES sLAle Uke ly TS dag pba sls onl S)ca FB ye abe Sapo ceed ale cpl 39 gig OU GLE SS To oles bg (I-¥) Vespers her +o ny GAT 52 lee ogee 9 hile OS Gy 9 OU calls IY) Jy (eS bS]0bg ites) aeta9 Yerfere Ynesface deefeee Sa exseu | ose | epsee | onsuw | eysbw | sew | wy | ot 0 ro ro 10 t t a fo 1 r 7 19 wpe fe ° a 10 ir a |e | 10 OL GLAU 59g glite BhaasT ya tals’ y tl gl a yh gs die he Sy bole GSW OL Verses ag lag Oe esees jTaeT 2 AIH Sy she ME ge oy | Inferior Good335 okat ov ote ated cole yy OU GLA gly ANI ne Gand Bad Clee aly iy Soy ey Syne GIS jlo 6h) Ga polly S Col ools Gut eee AAT 2 CLE FT egos pli gs ey CIE SG 15 OE 9 Seem GWT sls OLS OF) JS 3s ol eels ging Ob GLa ee tt sate Sno ob clay ad.s pull Jatt Joe SLB cite aT 33 GIGS 3 pt ge bie (TF) JS 59 oS 5 gboten SAUL AALS Lgl LT ys Sle apts fits Jes Cnet Ob pb Oo ad iI ple pe 2 ype oT pkey OLY qeabag desis jh whe HAS Gy GLA 5 isl ob GL ob glo uae iy LS slateOlptee OE GLB y Jyame GIT ES Ulpow wy GLAS y UT > ual 21 Uap tgs be Sy blew cad edly SIND) JS 49 any SVT US, Lela Case gig SLEW ote Jy Oy gp Cae 0 GLB oe tel 2 Goal leas ie HN 6355 Ste eee AS Lae UT Ae? Ia tl Spam Ly Cag SUS pUT 32 eb LS op Coal a WS UK - Abb ee ical a3 Et pho J al HE OF ol GT» So ab ow 92 AT 9 HI SIL AS Gls Fy LBL Spams GIS EK Cah Kae ale GAT 3 CPV a ole SUL 8 Sa te EN Ee pA pee Ole dh oo aba Lg 8 Et pt pee ENE oe ge Ty ANI ot Se Red JLaj lade 39 Spare GUE ij claie S92 Cael Sar WE US Sa le ry Sule 39 ELS Spb FY Sle 50 Ste ly tbl Co BIS al gan SVS Ss WS cpl OS oy dh ge puree Cay IS WS 029, AFB 9 pane ny Cel sed pte US Oa dyes gy ca YS Lem cca PIT EK, lie 32 Sashes 23)0 ¢ pti» ee SAK lie yo VS go ih Lil SS ay ja de FL Opes oto ogy Spam SY te eB Cong YT 92 a 9h OKI LEG oath SES Hag yo GUYS Cand (1 29S pont Desi apdone uso Jb jy aace Stas jg US NT 51 BF Bw US obi BL Soe GUE 4s 92 ned GUE KR96 slat or ras OT 5 fle 55 So CUS Lol ahs A Ly GHIBIYIS KR as UEALS 9 GIGI des ps BYU Lal IS oS CS I lt Fae pone ly US 2 Kio Shee 9 teas GIS Ly boy CYS lal ye Sl 92 AS ayia ope y Les pe GWT Coady VIS KS SLE ge Oey stad StS pale” 1 Se SW 92 pe Fie ets Se las hae Lal gina WV-F) JES 2g hay Sad Uy tae ad ATA. ogi alana Fis Shae ast gil ols GLE garcia (VHA) JES G31 ole GLAU gaa (YY) JS GALS 5 BALL bs pe BIS GSE IE ES ad GH I AE gee 89 pe St Le Sete 29 haa HII bos BYE lal jp oT oa SOLES pee She Cad eS Geb She ly SIS LS 5 Se SWS 4. Substitue 2. ComplementaryOre gpa ae Cn FL ay oe TOY da yale OS 39 ae oe SLBU sNe AS bgt AAT oe Vee debe OT 39 gig ale GLOUT sles LL GI SI OLS AS 3 gg ae per Sle Cased etal Cel okt eas OLY Y-F) JS yo SLE ge alata Leb AY EIB game sad Calee 9 9g lle Gals gb WY 5 cals Coarty 2 gt lle Ppt Pp Sle GLUE EALS Cael ge ole Cad GAN c fle yo Gob GLajle gai 9S ypboles Ab als Leelee ls Cane ELF she ce eH SN pr NM GLEUE ote 59 OS > Cl gig ade Cand Cen Obl cee I Fale poe ILE 9 9 py 9 VE Coady 2 gala obslis ge lis 2018 9s Hid ape ale ad AS gore Call 9 Jol OORT cod Genes Hf cot sit (Y AG Se hej GLAU gle 5 0b 52 VIS goad lacandd jl Lash Ci Us! eART 52 pli oy pe CVS Ca eth ets jbl lage OS Fy pe 39 oF WS GLE AS ped Sle Ole 52 WS nd SK) Op Syne OT p> oh GIT nace tal jal Jie Ola 42 sige FI Sg il ale AALS YLT Lal ik gs Hal oteT po bod ase SF) Sd opts fits foley gah Gb o ayy SIS slots ates bral Oye eV Bb a IS CLI oe EH ert oat 2 eed shy (ais ae ‘oui slate AS Al tls SLES» Lk gett oT NEE GLEE Geen KTV) ISS elo ehals Gane (YA) JSye sbesit or Poles 9 abe (F Bebe ocb9 AF HI Fa HLF yo Sb YT sla 32 WyLpt Ober) 5 dike YS oT Soa cyhe oy 2S Ge by Spe WS ES Spee Cay ay se Cle ores IBIS GLE AS pet WS 5 SI Op Sy pedT po ogee wrghgs made Cady 9 VU Cts LEU cote wT jl fee ahi (0 Mm 2 IS ge NOES S pa Slne Fy Lp WS OF 553 tL pane oT plats 599 DNS Lp yg DUET AT SIG FG Sy pal AWS Sy HT S995 ge Weasl pcreen ot AIT OT GLali 15 Se CST was IBN) JoSe CWS CLAW 5 GAIT Ly rte GLY GLE separ F Cay ey AIS tn oly Ly LO conte gS ER, yo Cana CHIBI AS Keg talent ge OIF slab GHAI Caner Gh iH Lj faa Staal 5S Kio fale alo tal OLS pak ae Cnet LSB gee El ta IWS Bap Shp ME specs 9 eth clys cle ale 9 OT babs Sab LT Ets Hobetl Bly SA pW SS LEU ged 32 5d GTS? Cyl et BS pe 13S pani 09 F heer 4 Og 1) WS Sy CLalis 0S ad oye IS she, S39 2 ABLE ME Cad tle MS AS LE gla pie) LS Fl sa gle tee Cl MW 35) Sle VW Srp 9 ol bE 1 Taste and Preferenceov hike yg Aide FESS poe LAT 2 Ll fA ETS pas CLA pte (OO wet goad slacenad 5 TTS pee SI Ml 9 OFS pee GAYS ENS jo Jao L cattle GUYS Cad tcl ME) cole tee (& eee GUYS 298 1p dad p SUIS ste 3s ele tactile 5 [oS Sle get gy OT dal became) anal at ola Ls Hla pice yl (a cae gy OWE SF te olla pte soled glatals oS ple ol cla te WK jE LAU 59 2 WT Geb GI ASL Se Gokall blot, 215 GUO gouie TA Pr WE SL Hoth LSU alts pole MIS ES oly (ol I ava) SL Gl ols wba gt OLS jl Cakes glace 32 9 GL} jl alind SLA ole goes BI aa IVS ES ly LG CLAW poe ete bl orl 14S By A 3,5 yo bh FV Sle dlpees wT ye Cog US OT ly all Sade Stylo X SYS sty Al a 9 KEL WI5L 72 LS gs far gt ole od nae SEY (Py =¥—2 02) Sy pons ET GLall Gl 90) Jp Cy pou Ls sb asl QL IAN) JRE 5 WI) yt 32S yybolea(Q?) yu gous At&T AT go a3 ole abies sland chile hil y oh al Lang ott Lalit pole (VP) Jyte v * o ¥ r y \ Py y r ’ A \ Ww (a), y r ’ A in Ww (2),9,5 Slats on, . F A Ww we Yr YF o Bub Lal Shah tla oe Fog alee 2) Gr pot 3b COW Cr Ql ope Coe StS ee 9 0S pol LS Mas my OP = (OP), (Of )g =N¥-WPy 4 Vt -1Py = YAH (pg Slee) 9,8 go glBl coos gan AVON) JSS JS ae Bap slols IU = PHP Cypeoes Aa yi clslis al Ste Aa Nag 1p 13k cle Sool g, =¥-Ya8 a pale Shy ST ge Cee Salsa elt 99 eae jI Ub GLE ge ARTI AS 2 dat qy=F~PHY-\P2Q? =p LP=V 19 thecal pW BI py Cad pale she 9 o°=9%-P y P=F-9 OT ah 3 eS eS Lal CE car ssmale 32 WES Lal QV Hh geese wT ge Canney JB 254 SYS col yp anil “aoe 4 TI yl Oe pj Sa pee ie Lee o le ah ge (EAL) Gta pH end ABT alge ple Day Cal Spe yo whe AL 8 ge lal ge (LN) GAT Sad ST ted y Cael (SHS) 5 Fete ot pe lela hole phe day CEL SAS go bg 456 9 Bel oy 2ulb apes (Pr) WS OT cad 9 (Oy) VS p ab sae 42 se Jove TN! BPE UY Sd eo Ka Ss palin gang jl goad ado Spd hth ple 0399 pa 22 9 eed pts Pad ol ee bh OTS eel oth atte acta Spb 52 X SVS Cad yj pte y2 Ste dI pea in gb PQ) 3 ese ged U (OS) GME aye jake OP dye G FE E D c B A Se "Supplyv * ° ¥ Yr Y y | Poe wo poe pe pee ew as Ih a3 9 AS ee abet |) X YS Ca VL Sye 39 992 Gay wane OU by 4b 6 gle a OSE 42 goue TNT hates oe SL 59) poe ate pall Soe oy} 09S arte iT gs Cee (Oy) SASS 5 goer AS, & bl G2 S fare AS a gh ge die (VIN) JS 5245 egos Gy poe (TF) Jyte cleoals sone ookb 9313 OLS gl gree OT be glee 9 G2 pee peep WS Cad 8 pF 2 IAP) Spar Hy eS Sees Py BB el FOS eS GE HIN) slot 32 |) BUG Spl daly S 2J)0 (Culp T ys DBA slau 3S Coal yy! pan pest ah aot & SN) oper ced cies yl LT ge Cea abe ee eno OLS ati Jyh 39 |p X SVS Habe Sle 9 Can Ole palin oye gine TY) JSSry 42 yo Mole YI Dy >) pees OG Oy = a+ bPy ype gil gigs IS Che 53h) 48 6 dates BLS WP) JS Ly OF) Souter gh bdo Wales Zl petal sly CP oy Le NU pS GIL Rle Oy =a + bP, CE 03 Ly Aa 93 basins ol gd 4) Cael eT ecg by a palin Sagene 52 doles 42 Kas A(Py =O =9) s=a4b Bi(Py=%0y =) vea+th = a=-%b bye By = 1420 LORNA, Sipe see al late bse ioele Ody Sdgne PS —T-IF Aa ge be 9 ak Se padi Mad be gos Oa p59 pte Sly lel Jo 39 nylaages 99 AS ad Sa AS gel pail poe ge OT 52 SAS ype arty 2 Sg EIEN ta Sa OT ot he BO IES Sapo xl 2 Jk ee PUN HN BE LET Ct Sa he aly AE ay ASS IT 591) a Elbe cel ad, AIBN UL 39 Gig Cad Les ee oles! ap sel ae Ke ol slay 2 OU (OS Sle Ppa F We colt WIC IE sol) sate pte anal ae a 299 99 OT PobilS Glee po Og ogy. Vy ont Kal lott Wg oly a tes SUC GE pe DEW ty le gle I ppb 25) NTH pols SAIS ch yetled 2 te merlin pea Ly grolee 9 I oe9 slat ” Gln ele als at Stal, HLL ASS Ail Kae Ke ee GL LT OFS eae Cpt pa called te cgtal 4 Ode LET igs CBU 32 DULL SI} 2 SF Gy AS ST de Ll Ghee feow ago Ve dog gore glrule 1-10 Be gre 59) Sao ali KR a aa ES ES mm ole WS Cad paid WAS ge tle 1p 8 ye gone JS end iI yb eo OS ed le pad Og A yo OAT cud Jolge YF Blas ybe a8 o eS Gad faye AS 32 elite 9594 (laoaly) ele clon ( (rT Dsides W 592 GUUS youl oF Code ghys OF eS S oles! (F sine 2 lake slat (0 42322 2g hae goes abet Coe SUES Salye 1S, 2 IS sya, St BF rath 39 GS lye HER» Stas Spaces dalgi 39 ool! 990 slaoal Coad (1 OSs poh Cael Caney do gion toa, al als ie ES Cad oF a 45 eS HN 5 phe ceed dat 93g Cond A 29 oy HTHVP) JS lo dale B oslgs ke Sy ab AF al lj bs Sh SE ase (Y=ND JR) alo dale IS jal Ge Coat 8 ee Hes 2 SF Lbo Qe ae alt ATVB coed eli plat) Js ge iste 9 bly ge gee pal (saat oddsigles (Y ANE BS ical Be py RY GIST oes BLS Sle Se pak Cay Chl db ye gta aS NF pe pens 2S te (G5 SD) MBE Gh Nba Land ae yg ad A CIF oe TNF JE) large ale BAIS AI Sy ja hj he al os Hoe ge 2 SiplySCd tay SAENP) JS gs BELA 9 WObIle (Y95 lait a ie Se ale By SU Sh LUE FI Sy Sys GSAS ATW JS) sl ge WIS Gla 2 fh slo Sales ote PN aa gs SUI ty Bob a hy abe eee gists onl Ke 6 3H (aL) Sabk yo CS y2 ob AN Sy toly pe slp Obey ie Joker clade Glad F ATAVA SEB) AS go f | Oy SUL aay ob CIV) Jes GOSS sib ATTA) JS Abe ey Abe oe ILE Sd 03099 ST gy 1 Wil (F ase 2 WT AS SG dad Pls p WE eS oT gd Cad oh ys oly! ead ote 53 4S US te te Oj gS” FI Stee lew, CHE tale sib YT 2 ASE IG 9191) hab Spree jb ght Cael ae C5 dal I HI oy Ad sal gh Ural Gap Coney dd 6 gels Sy poeal Nk 42 yo gota TAY OLAS jl land a 59 ST VIS ES jh giltber pole ME US JSF ase by Nik ase Leahy a phe 686 Lik 4 VIS OT OFS Ng eae ale ge; es chacend 0 y wbaogy ols0 A ae al Bey ae gi ol are ONIN ae oe etn I Us Wi pee 2 pd pare SK Uy laeKy ad 0 olde GLK, Ca eile bye X WS lps AS po 9 eS ge fae ph alte ase SB, A aK Si ae eT be Gs 9 Lisa WP) Spe yee Gls yt (V=VA) JRE 9 (1-0) Spe p24 y ghdlen 1b oso AKT uth OQ, =H whe gt Cry el okt oaks LEE Ble Sac lil ib 9 Ky j0 ade pale V0) Jyste v * 3 r r Y y Pr W . A‘ ’ ¥ Y (@), wf. fas |e pr >. (0'), wif. f»*twfe fe (0,") gale nj Capon jb ae 6 Er a Of =O8) 4+ OE)g =F PVH NP, > Op =F Py 99 il Cae IIL 8p gee 1-0) Jy Ue! 9 Gb ase dale Gly Tg Cent 23 Sy pe 4 RY aoe oe Py Pr Pe Oy TF a TOF A 2% Or * Jobe dbze gio HY=V 4D opedye sbesit r BB ype Las (Ls ae gee ol Sl ot LaalKe altar Sho gg sbeT Canoe Nib 40 goa U 2 gad gar NGL 39 GPObT gferto 9 Cand -T—1A ide Ab OT p29 4S op b ge GALI LAW 9 56 coe > club 4 Jib Jobe hes se Jala gutta J 5h 99S Sdn y ad LT poe ye Nib ae g shh GLB Gb oe ayes Ly og glee ot aad 6 VIS side b okt Lal GIS (O.)" Jalai de 5 (P)' Sale ad Ope ie slags Sale u oe ee HL GL sl ne Noll UIge gd age eos BST X SYS Bly Sow de 9 Cad pal ot 2? Gilg bye Sledge pall oa Caliber placed chiles Jil slats y aude palin 1-P) Spur v * ° f r r y Pr r A Yr we v " Oe wily w fowl oa r ~ | of a ee Or +. Equilibrium Price - - . © Ebru Quantit 28 Sag Je SLA pate gion OY)”~ VY lobar shade 9 F ole Coad (TY) ISL VF) Jyte eae g ApS Sip 72 IL WS og eaS 4 y 2yl0 290g WS ahjle cd abe aba 2 db ge LK, Lalas bes gh ys Jabs lake Cand (alge lee tle Cal b cael SF satiyla Ser eget ay Jala ghey Cad Gas PLS Jade 9 Sod phe Set Oy? = OG ealger Sale 39 pclae © besT jl i keaton pj peasy el eS Bile eel 9 LA Yale 5S 32 Ly Sa OS FI past Sey Sole shia y Oy =YA-¥P =VA-¥K FO. Wop foe Jobe jt it pul Fh gow led oT OE Gt aba dal 2 5S th ae Aly tale Jobe ala Camus Ly lle y Cad GIL > Klee yp he slag 3 SLs 39 5 Cae IIL) VUS ol jle by Jabe Cad IVE Clee p39 I aed y2 Shee Oi gee cece doe ye CLES able) WS a gab Jal CaS HI Foe AB ge dels VF OT Ojar SF pt arly 5 0 aL; LF P= ¥ > Q,P=YA-FP= TA- FF Oya Pao O05 =-F+tP=-¥t xP >O, 4. Bxcess Supply "Excess Demand