ECO 03 - 22 SEP - Lecture 03 ECO 100Y5Y 22 September 2008...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Lecture 03 22 September 2008 ECO 100Y5Y A. Cohen 1 E C O N O M I C S PARKIN BADE Lecture 03 22 September 2008 E C O N O M I C S PARKIN BADE Chapter 3 Demand and Supply Demand Market Demand Curve aggregation of all individual demands relation between price ( P ) and quantity demanded ( Q D )
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Lecture 03 22 September 2008 ECO 100Y5Y A. Cohen 2 6 8 4 2 Q 0 0.50 1.00 1.50 2.00 2.50 3.00 P 10 Figure 3.1 The Demand Curve A B C E D Demand Law of demand — P quantity demanded, ceteris paribus movement along demand curve ceteris paribus other things remaining the same Why does demand curve slope down to right? willingness-and-ability-to-pay for successive units ( MB ) substitution effect income effect continued Ceteris paribus assumptions for demand curve preferences unchanged population unchanged income unchanged prices of related goods unchanged Shift of demand curve called change in demand continued
Background image of page 2
Lecture 03 22 September 2008 ECO 100Y5Y A. Cohen 3 Figure 3.3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/25/2010 for the course ECONOMICS ECO100Y taught by Professor Furlong during the Fall '09 term at University of Toronto- Toronto.

Page1 / 7

ECO 03 - 22 SEP - Lecture 03 ECO 100Y5Y 22 September 2008...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online