Class Notes - 9-12-07

Class Notes - 9-12-07 - INCREASES DEMAND-INCOME RISES...

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Macroeconomics – Class Notes – 9/11/07 Demand Schedule for Pizzas Price Quantity Demanded 20 0 15 5 10 10 5 15 0 ~ 20 HELD CONSTANT ALONG DEMAND CURVE Income Prices of Related Goods Expectations of Buyers Number of Buyers Buyer’s Tastes
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Unformatted text preview: INCREASES DEMAND-INCOME RISES: NORMAL GOOD-Income falls: Inferior good o Example: Used Clothing-Price of Complement Falls-Price of substitute rises -Tastes change:-Expectations: Expect Price to Rise...
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