information to work the problem.

FIGURE 3.16 Good Weather for Salmon Fishing: The Four-Step Process Unusually good weather leads to changes

in the price and quantity of salmon.

Price per Pound Quantity Supplied in 2014 Quantity Supplied in 2015 Quantity Demanded

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

$3.50

80

120

160

200

230

250

270

TABLE 3.6 Salmon Fishing

400

480

550

600

640

670

700

840

680

550

450

350

250

200

Step 1. Draw a demand and supply model to illustrate the market for salmon in the year before the good
weather conditions began. The demand curve D0 and the supply curve S0 show that the original equilibrium
66 3 • Demand and Supply

price is $3.25 per pound and the original equilibrium quantity is 250,000 fish. (This price per pound is what

commercial buyers pay at the fishing docks. What consumers pay at the grocery is higher.)

Step 2. Did the economic event affect supply or demand? Good weather is an example of a natural condition
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