Lecture 6 - Announcements HW2 due Monday EVERYONE has to do...

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Unformatted text preview: Announcements HW2 due Monday EVERYONE has to do it. Early next week I will send out an e- mail to those who are not required to do HW3 (the ch. 4 HW due Monday Sept. 15) HW for ch. 3 is not graded but I recommend looking at it. 1 of 46 Shift of Annas Demand Schedule Due to increase in Income SCHEDULE D SCHEDULE D 1 Price (Per Call) Quantity Demanded (Calls Per Month at an Income of $300 Per Month) Quantity Demanded (Calls Per Month at an Income of $600 Per Month) $ 30 35 .50 25 33 3.50 7 18 7.00 3 12 10.00 1 7 15.00 2 20.00 2 of 46 DEMAND IN PRODUCT/OUTPUT MARKETS SHIFT OF DEMAND VERSUS MOVEMENT ALONG A DEMAND CURVE Shift of a Demand Curve Following a Rise in Income 3 of 46 DEMAND I N PRODUCT/OUTPUT MARKETS shift of a demand curve The change that takes place in a demand curve corresponding to a new relationship between quantity demanded of a good and price of that good. The shift is brought about by a change in the original conditions (1-5). movement along a demand curve The change in quantity demanded brought about by a change in price. 4 of 46 DEMAND IN PRODUCT/OUTPUT MARKETS Shifts versus Movement along a Demand Curve REMI NDER: ONLY A CHANGE I N PRI CE CAN CAUSE A CHANGE I N SOCI ETYS QUANTI TY DEMANDED OF A CERTAI N GOOD. A change in that societys DEMAND for a good (a shift of societys demand cur ve) can be caused by: 1. A change in consumers income or wealth....
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Lecture 6 - Announcements HW2 due Monday EVERYONE has to do...

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