ECON lecture 8 - Economics 101 Introduction to...

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Unformatted text preview: Economics 101 Introduction to Microeconomics Lecture # 8 Feb. 13, 2008 1. ‘6 Elasticity” = % Change in Quantity % Change in “Driver” 3. Applied to Demand (cont’d.) 1) Price Elastici (How Business Sets Price) & the mportance of 1.0 2) How and Why Elasticities Vary b. Supply Elasticities c. Putting Demand and Supply Together - - Shifts in Supply & Demand and Elasticity 2. Looking Behind the Demand Curve a. One Buyer 1) Constraints 2) Preferences 3) Buyer’s Balancing Act b. Income—Consumption Curve (Normal vs. Inferior Goods) c. Price-Consumption (DEMAND) Curve d. Many Buyers & Market Demand e. Inferring Consumer’s Value Samar)“; E >1 £6575. (over 5"“ 6D = ’ fiPJer/I‘ne. InJXQim'f 6,, «I Ina/«:78: 16:34 9,24, fx/‘rema 5am 2/85 : 1’ 6:0 5/4790 4:965:75”er 6D g. 5/? v: M Cashmeauh g}? '5cfrcmes: P __l__iiiii5 e} a 1:117: €=°min e/w‘l'. 'c) .........- ...
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