ECON lecture 7 - Economics 101 lntroduCtion to...

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Unformatted text preview: Economics 101 lntroduCtion to Microeconomics Lecture # 7 Feb. 11, 2008 1.Consequences of Market Determined Demand & Supply a. Dynamics & Equilibrium b. Social Implications of Market Solution c. Maximizing Benefit — Cost d. “Regulation” of Prices 2. ‘6 Elasticity” : % Change in Quantity % Change in “Driver” a. Applied to Demand 1). Income Effects a). Units? & Starting Point? b). Normal, Superior & Inferior Goods 2). Price Elasticity (How Business Sets Price) & the Importance of 1.0 3) How and Why Elasticities Vary b. Supply Elasticities c. Putting Demand and Supply Together — - Shifts in Supply & Demand and Elasticity ' :3me5 L2 #memE gm. 235 gm. ucmEmD a :mmbmczw 3.. Eme a. a m G :mmbmczm L2 “mfg—2 an. h. mm. egwm 2 mafia: QfiU whim H Mm ._ mfi$ Esm 3 $3}; . .anfizm II BEEmfl I \ 1 82¢ @5320 E Ezmcmm 52 n_ 53025 3.. Eme as a ma u." Em=mm 3 Egg flflU whim H Mm 295m B uni} fix . . Emma—m I BEEuD E ma 95 82m 5% mEmfim um: Hie : /. A37 fi’wkfi ' I ‘ [002131) Pall-'47, 2. Fa} Gommf "" ...
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ECON lecture 7 - Economics 101 lntroduCtion to...

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