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Unformatted text preview: -Inferior good when your income increases the demand decreases, or if income decreases the demand increases. 3. Consumer Price Expectation - (check notes in notebook) 4. Taste & Preference 5. Prices of Related Goods Xand Y are related when a change in the price of X and effects the demand of the Y. - Substitute goods do basically the same thing.(ex. hotdogs and hamburgers)- Complement goods are goods that go together, so that an increase in the price one make the other price goes down. (ex. coffee and cream) SUPPLY: Non-price factors for supply: 1. number of products 2. input of cost 3. technology 4. price expectation 5....
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This note was uploaded on 02/09/2011 for the course ECON 201 taught by Professor Coomber during the Fall '08 term at Community College of Baltimore County.
- Fall '08