Lecture 7 Notes

Lecture 7 Notes - ECN 211 Macroeconomic Principles...

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1 ECN 211 Macroeconomic Principles L7: Demand and Supply Analysis
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2 RECAP: Determinants of Demand Things we hold constant when constructing a demand curve: 1. T 2. E 3. N 4. P 5. I If any of these change- then the demand curve will shift.
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3 Effect of a Demand Shift $5 20 Price Quantity $10 10 S D 0 15 $7.50 D 1 D 2
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4 Price Per  DVD Q supplied Qd a Qd b Qd c $5 80 40 60 20 $4 70 50 70 30 $3 60 60 80 40 $2 50 70 90 50 $1 40 80 100 60 Effect of a Demand Shift
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5 RECAP: Determinants of Supply Things we hold constant when constructing a supply curve. 1. P 2. R 3. E 4. N 5. T If any of these change- then the supply curve will shift.
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6 Effect of a Supply Shift $5 20 Price Quantity $10 10 S 0 S 1 S 2 D 15 $7.50
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7 Effect of a supply shift Price Per  DVD Q demanded Qs a Qs b Qs c $5 45 105 75 135 $4 60 90 60 120 $3 75 75 45 105 $2 90 60 30 90 $1 105 45 15 75
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8 Supply and Demand Example Explain the effect of each of the following on the equilibrium price and quantity traded of bananas (assume banana producers can not produce
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This note was uploaded on 03/03/2010 for the course ECN 211 taught by Professor Kingston during the Spring '08 term at ASU.

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Lecture 7 Notes - ECN 211 Macroeconomic Principles...

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