Econ_121 - Quiz 1 A+ - 24/25 Quiz 2 A+ 20/20 + extra 10...

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Quiz 1 A+ - 24/25 Exam 2 - C 75 Quiz 2 A+ 20/20 + extra 10 Quiz 6 20/20 Exam 1 B - 83 Quiz 3 13/20
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2/9/2009 - Chapter 3 – A: Law of Demand / Supply – Law of Demand Law of Supply How much consumers buy at different prices This applies to consumers Factors 1) Change in taste 2) Income 3) # of buyers 4) Expectations 5) Price of related goods Compliments Substitutes How much firms sell at different prices Applies to businesses Factors 1) Tax /Subsidy 2) Technology 3) Resource prices 4) # of sellers 5) Expectations 6) Prices of other goods Change in quantity demanded Change in demand Only price changes! Other factors remain constant Demand factors change Price
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Change in Quantity supplied Change in Supply Supply increase: Shift Right Movement along the supply curve Only Price Changes Right Shift: Greater Left Shift: Lesser Shifts Supply factors change in addition to price Beer/wine substitutes Equilibrium price: Price where goods “clear” the market (PE) Quantity demanded = Quantity supplied o PE =Equilibrium Price o QE = Equilibrium Quantity
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This note was uploaded on 08/28/2010 for the course ECON 121 taught by Professor Abajan during the Spring '10 term at San Diego.

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Econ_121 - Quiz 1 A+ - 24/25 Quiz 2 A+ 20/20 + extra 10...

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