{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}


Menu_31_Jan_11 - i Substitutes Increase price ii...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
TODAY’S MENU: Monday 31 January 2011 I. BUSINESS A . Practice Problems 1. Chapter 4: 1, 3-7, 10-20, 22 B. First Exam: Two weeks from today (14 February) II. SUBSTANCE A. How Trade Can Benefit All: An example 1. Conclusions B. Buyers’ side of market: Demand 1. Definition 2. Not to be confused with Quantity Demanded 3. Determinant of Quantity Demanded a. Price of good (-) i. Link with Reservation Price 4. Determinants of Demand a. Income i. Normal good (+) ii. Inferior good (-) b. Price of related goods in consumption
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: i. Substitutes: Increase price (+) ii. Complements: Increase price (-) c. Tastes and preferences (+) d. Expectations i. Future price (+) ii. Future income: normal good (+); inferior good (-) e. Number of buyers (+) 5. Graphically a. Change in Quantity Demanded: movement along curve b. Change in Demand: shift of entire curve III. NEXT TIME A. Finish Chapter 4: “Supply and Demand”...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online