Week3_class - Microeconomics Econ 2005 Week 3 Supply and...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Microeconomics  Econ 2005 Week 3 Supply and Demand
Background image of page 1

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

View Full DocumentRight Arrow Icon
  Econ 2005 2 Plan/Chapter 3
Background image of page 2
  Econ 2005 3 Experiment results How did average prices change with  rounds? Total gains? Individual performance
Background image of page 3

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

View Full DocumentRight Arrow Icon
  Econ 2005 4 Market efficiency Total gains Convergence to equilibrium price Average prices
Background image of page 4
  Econ 2005 5 Demand and supply analysis What determines these average prices?
Background image of page 5

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

View Full DocumentRight Arrow Icon
  Econ 2005 6 Individual performance Performance: Excess gains=Actual  profits - Expected profits  Actual profits Buyer: value - purchase price Seller: sale price - cost  Expected profits: Buyer: value – predicted (equilibrium) price Seller: cost – predicted (equilibrium) price
Background image of page 6
  Econ 2005 7 Chapter 3 Competitive market   The supply and demand   model The demand curve The supply curve Factors that cause the demand curve to  shift, and factors that cause the supply 
Background image of page 7

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

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 25

Week3_class - Microeconomics Econ 2005 Week 3 Supply and...

This preview shows document pages 1 - 8. Sign up to view the full document.

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