Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 2 Due Date: Week of Monday, February 5 th , 2007 Reading Assignment: Case & Fair Chapter 3 up to page 59 and Lecture Material. Problem Assignment: Problem 4 a, d, and f; also problem 9 a, only for demand. Objectives: After completing the assignment you should be able to do the following: 1. Describe the main players in the circular flow of the economy and explain how they interact.
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Unformatted text preview: 2. State the Law of Demand. 3. State all the determinants of household demand. Given a change in one of the determinants draw the new household demand and briefly explain your graph. 4. Understand what causes a movement along the demand curve versus a shift of the demand curve. 5. Be able to graph a demand curve given its functional form. 6. Be able to draw an aggregate (market) demand curve from individual demand curves....
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