Chapter 3 - 2:10:00 PM Chap 3 Supply and Demand 2:10:00 PM...

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06/06/2007 13:10:00
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Chap 3 – Supply and Demand 06/06/2007 13:10:00 Market system – interaction of the consumers on the demand side of the market  and producers on the supply side of the market Demand – a numerical table which shows the various quantities of a product that  a consumer is willing and able to purchase at each price in a set of possible prices  during some specified period of time. shrimp o price per pound           quantity per week
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Unformatted text preview: ← ← Law of demand • income effect o price impacts ability • substitution effect ← ← non-price determinants of demand – (demand shifters) • income o when income goes up, demand goes up, demand shifts to the right, it increases – (normal good) o when income goes up, demand goes down, demand shifts to the left – (inferior good) • taste and preferences 06/06/2007 13:10:00 ←...
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