Demand and Supply part 1

Demand and Supply part 1 - Econ 1021 Fall 2009 Part 1 of 2

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    INTRODUCTION OUTLINE:  What is the (competitive) market that we’re  modeling?  Definitions;  Demand schedule and curve; law of demand  SUPPLY AND QUANTITY SUPPLIED  Definitions;  Supply schedule and curve;  law of supply     equilibrium P & Q; surplus; shortage Econ 1021 Fall 2009 Part 1 of 2 Reading:   pp. 72-81 from Macroeconomics in Context
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    market  is a group of buyers and sellers  of a particular good or service.   The terms supply and demand refer to  the behavior of people . . . as they  interact with one another in markets.  MARKETS AND COMPETITION
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    Demand and Quantity Demanded Quantity Demanded (Q d ):   The # of units of some  product that a consumer is willing and able to buy  at alternative prices, holding all other things fixed. The amount that consumers are willing and able to buy (Q d depends on the price of that good as well as on the  following:  income, prices of other goods, size of the mkt,               
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Demand and Supply part 1 - Econ 1021 Fall 2009 Part 1 of 2

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