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Econ 101 Winter 2010 Lecture 10

# Econ 101 Winter 2010 Lecture 10 - Economics 101...

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Click to edit Master subtitle style Lecture 1 Economics 101 Microeconomics University of Michigan Winter 2010 Lecture 10

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Lecture 1 22 Announcements n Today’s reading: n Reading on CTools: “Supply and Demand Functions” n Chapter 6 n Problem set 5 available on CTools
Lecture 1 33 Exam Information Coverage: Chapters 2, 3 and 4 of text Everything up to the end of last class Exam Location Sections 1 - 4 (GSIs: Nico Ravanilla & Michael McWilliams) East Hall: Room 1360 Sections 5 - 11 (GSIs: Sebastian Bradley, Bartek Woda, Dave Knapp) Lorch Hall: Room 140

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Lecture 1 44 Review sessions & extra office hours Review: Thursday (2/11) 7:00-8:30pm Dave Knapp East Hall 1324 Saturday (2/13) 1:00-2:30pm Bartek Woda East Hall 1324 Office Hours (in Dennison 120) Thursday (2/11) 4:00pm - 5:30pm Friday (2/12) 2:30pm - 4:00pm Saturday (2/13) 3:30pm - 5:00pm Sunday (2/14) 11:30am-1:00pm
Lecture 1 55 US Demand for Sugar Lbs (billions) \$/lb US Sugar Demand \$0.08 \$0.21 24.3 20.3

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Lecture 1 66 The Demand Function Example: Sugar Demand Two points on the demand curve: n (P0, Q0) = (0.08, 24.3) n (P1, Q1) = (0.21, 20.3) If the demand curve is linear, then the gradient (slope) between any two points is the same n Slope =
Lecture 1 77 US Demand for Sugar Lbs (billions) \$/lb US Sugar Demand \$0.08 \$0.21 24.3 20.3 Rise = 0.13 Run = -4 Slope = -0.13/4 = -0.0325

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Lecture 1 88 The Demand Function The slope between any two points on the demand curve is the same n E.g.. slope between n (P,Qd) - an arbitrary point on the demand curve n (0.08, 24.3) must equal - 0.0325 Rearrange this: Qd= 26.76 – 30.77 P
Lecture 1 99 US Demand for Sugar

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Econ 101 Winter 2010 Lecture 10 - Economics 101...

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