Chap 3 - Chapter 3 Book Notes 1. Market a. Bring together...

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1. Market a. Bring together demanders and suppliers 2. Demand a. Schedule or curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a serioes of possible prices during a specified period of time 3. Demand Schedule a. Relationship between various princes and quantity a consumer will purchase 4. Law Of Demand a. Inverse relationship between prince and quantity demanded 5. Diminishing Marginal Utility a. Successive units of a particular product yield less and less marginal utility 6. Income effect a. Lower price increases the purchasing power of a buyer’s money income, b. Buyer purchases more of a product 7. Substitution effect a. Consumers will buy a less expensive thing to replace a more expensive item 8. Demand Curve a. Downard slop the reflects the law of demand i. People but more of a product and its prince falls ii. Relaptnihsip between prince and quantity demanded is inverse 9. Determinates of Demand a. Consumer’s tastes
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This note was uploaded on 05/09/2011 for the course ECON 102 taught by Professor Ashookshulka during the Spring '11 term at Harrisburg Area Community College.

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Chap 3 - Chapter 3 Book Notes 1. Market a. Bring together...

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