econ101w0707 - Introductory Economics Economics 101-300...

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(c) Sherrie A. Kossoudji Introductory Economics Economics 101--300 Lecture # 7 Sherrie A. Kossoudji If you print the preliminary version of these slides before class, please be aware that they are likely to change right up to class time.
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(c) Sherrie A. Kossoudji Please remember that reading these slides does not substitute for attending class. These slides are merely outline guides for what is discussed during the lecture.
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(c) Sherrie A. Kossoudji Today’s Class Business What is demand and what is supply? Interacting demand and supply in the market Finding the market price. Principle concepts: demand, supply, market equilibrium Principle tools: the demand curve, the supply curve WWWTP & practice problem
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(c) Sherrie A. Kossoudji GSI Office Hours GSI Physical Web Andres (302, 303) Th 1-2 pm room 104 Thursday Erik (301, 306) Th 3-4 Tuesday Laura (305, 307) F 4-5 Monday Seb (308) M 2-3 Room 351A Wednesday Dan (304, 309) Tu 12-1 Sunday Office hours will be MOSTLY be in 102 Lorch Hall. Talk to your GSI to get the specific location. We will try to update you where possible. Remember, you can attend ANY GSI’s office hours to get help.
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Schedule: Week 4 WEEK 4: WEEK OF JANUARY 22ND Lecture #: 6-7 Discussion #: 3 Anderson: Chapter 3 (read for next week) Subjects/Concepts: Supply and demand, equilibrium, shifts v/s movements along the curvet Readings: This week: Next week: KW Chapter 3, KW Chapter 9, KW Chapter 4 Homework: Graded: Ungraded: Chapter 10, problem set II, Chapter 8, problem set II, Aplia posttest—due January 24th by 11:00 pm Chapter 3, problem set I Section Quizzes: Quiz 1 in discussion group-covers up through lecture 5 Exams: None Other Important Information: None
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(c) Sherrie A. Kossoudji Quiz 1 Quiz 1 will take place in discussion sections this week. Sample questions for quiz 1 have been put on the CTools site under resources, old quizzes and exams. Quiz 1 covers up through lecture # 5
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(c) Sherrie A. Kossoudji Up to the minute economics Gap Needs a CEO, but Will Any Apply? Whoever takes the job as Gap's new CEO will have to contend with plenty of problems, including unpopular products, falling profits, anxious investors and fleeing executives. Article in the Wall Street Journal (WSJ), January 24, 2007 Cheap gas worries  automakers article What's a pound of  prevention worth artic
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(c) Sherrie A. Kossoudji The intersection of the market supply curve and the market demand curve determines the equilibrium price in competitive markets Equilibrium exists when there is no reason for the market price ( ) or the quantity consumed ( )to change e P e Q
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(c) Sherrie A. Kossoudji The equilibrium price and quantity are determined in a market by the intersection of supply and demand.
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This note was uploaded on 04/04/2008 for the course ECON 101 taught by Professor Gerson during the Winter '08 term at University of Michigan.

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econ101w0707 - Introductory Economics Economics 101-300...

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