Deck 2 - Econ 301 Microeconomics L lick to edit Master...

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Click to edit Master subtitle style 5/11/11 Lecture 2. Demand, Supply and Equilibrium Analysis Professor Mian Dai Spring, 2011 Econ 301 Microeconomics
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5/11/11 A road map for today’s talk Review: Partial Derivative What are supply and demand? What is the market mechanism? What are the effects of changes in market equilibrium?
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5/11/11 What can Supply and Demand Supply and demand analysis can: 1. Help us understand and predict how world economic conditions affect market price and production 2. Analyze the impact of government price controls, minimum wages, price supports, and production incentives on the economy 3. Determine how taxes, subsidies, tariffs and import quotas affect consumers and producers
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Demand Demand Curve The relationship between the quantity of a good that consumers are willing to buy and the price of the good, holding other factors constant. Measures quantity on the x-axis and price on
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This note was uploaded on 05/11/2011 for the course ECON 301 taught by Professor Sheng during the Spring '11 term at ITT Tech Pittsburgh.

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Deck 2 - Econ 301 Microeconomics L lick to edit Master...

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