This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: b. Other input costs (-) c. Productivity (+) d. Expectations i. Future price (-) e. Number of sellers (+) 5. Graphically a. Change in Quantity Supplied: movement along curve b. Change in Supply: Shift of entire curve C. Market Equilibrium and Disequilibrium 1. Equilibrium: quantity supplied = quantity demanded 2. Disequilibrium a. Excess supply: Surplus b. Excess demand: Shortage c. Return to equilibrium D. The Method 1. Who is directly affected? 2. How does behavior change? 3. What is the result? E. Examples III. NEXT TIME A. Chapter 5: “Using Supply and Demand” B. Begin Chapter 7: “Describing Supply and Demand: Elasticities”...
View Full Document
This note was uploaded on 05/12/2011 for the course ECON 2030 taught by Professor Bong during the Spring '07 term at LSU.
- Spring '07