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Econ 100A 2 Demand, Supply and Elasticities

Econ 100A 2 Demand, Supply and Elasticities - 2 SUPPLY...

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SUPPLY, DEMAND AND ELASTICITIES 2 Econ 100A Mortimer 8/31/2009 1
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The Basics of Supply and Demand Understand and predict how economic conditions affect market price and production Evaluate the impact of government price controls, minimum wages, price supports, and production incentives Determine how taxes, subsidies, tariffs, and import quotas affect consumers and producers What do we use demand and supply analysis for? Econ 100A Mortimer 8/31/2009 2
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The relationship between the price of a good and the quantity demanded, when all other factors that influence demand are held constant SUPPLY AND DEMAND Market Demand Curve A curve that shows the quantity of a good that consumers are willing to buy at different prices . Law of Demand Econ 100A Mortimer 8/31/2009 3 Demand influencing factors may include income, the weather, and the prices of other goods. Shifts in Demand P Q
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