ECO415_SHORT NOTES FOR EPJJ.doc - ECO415(ECONOMICS SHORT NOTES DEMAND Definition of dd Qty that consumers are willing to buy at the various prices Law

ECO415_SHORT NOTES FOR EPJJ.doc - ECO415(ECONOMICS SHORT...

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ECO415 (ECONOMICS) SHORT NOTES DEMAND Definition of dd: Qty that consumers are willing to buy at the various prices Law of dd: Ceteris paribus, more of a product is demanded at a lower price Inverse r/ship b/w the price of the product / svcs. & the qty buyers are willing to purchase at a given time period If P decrease, dd will increase & vice versa Determinants of dd: Price Product price Other products’ prices eg. substitutes & complementary Expectation of future price changes Size & structure of population Taste & preferences Income Government policy Advertisement Seasonal factors EXERCISE Differentiate between the changes in demand and changes in qty demanded?
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SUPPLY Definition of ss: Qty of goods / svcs. producers are willing to produce at a given range of prices at a given time period Law of ss: Direct r/s b/w price of good & the qty sellers are willing to offer for a sale in a given time period, ceteris paribus Determinants of ss: Factor prices Expectation of future price changes No of sellers Government policy Level of technology Natural factors EXERCISE Differentiate between individual and market supply curve?
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  • Spring '16
  • fadhlin

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