Lecture A (WK3)

Lecture A (WK3) - Lecture A (WK3) Lecture A Welcome Back!...

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Lecture A (WK3) Lecture A Welcome Back! In chapter 5, we continue our discussion of demand and supply by introducing price elasticity —the buying and selling responses of consumers and producers to price changes. In chapter 6, we will see how individual consumers allocate their incomes among the various goods and services available to them. Given a particular budget, how does a consumer decide what goods and services to buy? Why does the typical consumer buy more of a product when its price falls? As we answer these questions, you will also strengthen your understanding of the law of demand. To begin, please read: Chapter 5: Elasticity Chapter 5 Appendix: Point Elasticity Chapter 6: Household Behavior and Consumer Choice Chapter 6 Appendix: Indifference Curves Do you like to see a roadmap before you begin a trip? If so, the following is a no-frills, black and white, text only, outline of the major points for this week. You will find one each week in our Lecture Hall. Print yourself a copy and it can help to keep the points in perspective as we proceed. Chapter Five Lecture Outline
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Lecture A (WK3) - Lecture A (WK3) Lecture A Welcome Back!...

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