{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ReviewI_2 - Lesson I.2 Managerial Economics BA 445 Review...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Lesson I.2 Managerial Economics BA 445 Review Questions 1 Lesson Topics Substitutes and Complements describe goods that either clash or match. — So, they explain the affect of higher-priced Coke on the demand for Pepsi, but not higher-priced housing on the demand for cars. Comparative Statics (1) determines how competitive equilibrium price and quantity react to a change in a determinant of demand or supply. — So, how is customer service affected by increasing US wages? Price Restrictions (5) impose either maximum or minimum legal prices. Unintended consequences include shortages and surpluses, and contrary full economic prices when buyers or sellers compete.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon