economic notes in pages

economic notes in pages - /\ Quantity demanded- The change...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
/\ Quantity demanded- The change in the amount of a good that an individual would choose to buy over some time(caused by a change in a price ) period at a particular price, other things constant Demand Schedule- a list showing all of the quantities demanded by an individual at their respected prices ceteris paribus Px qdx^ 5 |1 4 |2 3 |4 2 |7 1 |11 Law of demand : As the price of good rises (falls) ones quantity demanded of that good falls (rises) other things constant(caused by a change in one of the factors usually held constant) Demand curve- graphed depiction of a demand schedule. /\ Demand: /\ all of ones qualities demanded at their respective prices. Chicken- private good Movie- sort of public good If they have the same word twice, quantity demand. If 2 different products, demand. Case one Steak chicken consider governors demand for steak. Governors ndomce goes up = event. When his income goes up his demand for steak goes up Maceroni is not like steak, as income goes up, demand for maceroni goes down. Steak= normal good.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/17/2008 for the course ECON 2010 taught by Professor Mixon during the Spring '08 term at Auburn University.

Page1 / 2

economic notes in pages - /\ Quantity demanded- The change...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online