demand-supply

demand-supply - Demand and Supply Sandeep Bhaskar Temple...

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Demand and Supply Sandeep Bhaskar Temple University Sandeep Bhaskar (Temple University) Demand and Supply 1 / 16
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Outline 1 Introduction 2 Demand 3 Supply 4 Market Equilibrium 5 Recap Sandeep Bhaskar (Temple University) Demand and Supply 2 / 16
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Introduction Introduction Price Demand Supply Market Equilibrium Sandeep Bhaskar (Temple University) Demand and Supply 3 / 16
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Introduction Price Price in economics is not usually used as the literal denomination on a product. It is used as the opportunity cost . Though we will use dollar prices for convenience it should be taken as the opportunity cost. Sandeep Bhaskar (Temple University) Demand and Supply 4 / 16
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Demand Demand The complete relationship between price and quantity demanded . Quantity demanded is the amount that a consumer plans to buy at a given time and a given price. Sandeep Bhaskar (Temple University) Demand and Supply 5 / 16
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Demand Demand vs Quantity Demanded Demand refers to the complete relation: the complete curve. All possible combinations on a given curve. Quantity demanded refers to one point on the demand curve: how much of a good or service is demanded given a certain price. Change in Demand =
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This note was uploaded on 05/04/2011 for the course ECON 1101 taught by Professor Rappoport during the Fall '08 term at Temple.

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demand-supply - Demand and Supply Sandeep Bhaskar Temple...

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