Lecture Notes 3-4-10 - Chapter 5 Price elasticity of Demand...

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Review Exam 2 Economics T-Th A. Ordonez Chapter 6 809-195-3K1C 3/4/10 Chapter 4 Quantity demanded Quantity Supplied Law of demand Law of Supply Demand Schedule Supply Schedule Change in Quantity Demanded Change in quantity Supplied Change in Demand Change in Supply Non-price Determinants of Demand Non-price Determinants of Supply Increase Rightward Shift Decrease Leftward Shift Equilibrium o Equilibrium price (Market clearing Price) o Equilibrium Quantity Changes in Equilibrium Price and Quantity due to shift in Supply OR Demand Curve Shortage (Qd > Qs) Supply (Qs > Qd) Law of Supply and Demand
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Unformatted text preview: Chapter 5 Price elasticity of Demand Under what Circumstances are good or services more elastic or less elastic (Inelastic)? Review Exam 2 Economics T-Th A. Ordonez Chapter 6 809-195-3K1C 3/4/10 Chapter 6 When/Why are price controls imposed? Price Floor Price Ceiling When is a Price Floor Binding (Effective)? When is a Price Ceiling Binding (Effective)? Exam 2 40 Multiple Choice worth 2 points each (80points) 4 graphs worth 5 points each (20 points) Check both sides of sheet on test (test uses both sides)...
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Lecture Notes 3-4-10 - Chapter 5 Price elasticity of Demand...

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