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Microeconomics 9-2-2008 - Chapter 4 Demand Supply Market...

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Chapter 4 Demand; Supply Market – Group of Buyers and Sellers of a good. Demand Curve – Shows relationship between Price and Quantity demand Demand Determinants for Eggs: -Price (CANT CHANGE DEMAND CURVE) -Taste/Preferences - Income - Substitute Goods Prices Ex. Price Egg Beaters, Waffles, Pancakes, Cereal -Price of Complementary goods - Seasonality - Time of Day Substitute Good- Goods that can easily replace another. Complementary Goods- Goods that are consumed together Ex. Peanut Butter and Jelly SEE Demand Table … About Demand Curve: Ceteris Paribus – “Holding everything else unchanged” a) Income unchanged b) Preferences unchanged c) Price of other goods unchanged (substitute/complementary goods) Does a change shift the demand curve? Income-yes Substitute goods- yes Price – No Change in Demand vs. Change in Quantity
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Shift in you curve Movement along your curve Law of Demand: Price goes up = Buy less / Price goes down = Buy more Slope will always be negative Addictive drugs and vaccines don’t not obey the law of demand
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