Supply - Shift in the Demand Curve Question Draw a demand...

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Unformatted text preview: Shift in the Demand Curve Question: Draw a demand curve for music downloads and explain what happens if: A. Price of I Pods fall B. Price of Music Downloads fall C. Price of CDs fall D. Price of CDs rise Chapter 1 | Ten Principles of Economics Supply Quantity supplied : the amount of any good or service that sellers are willing and able to sell. Law of Supply : Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well. 2 Chapter 1 | Ten Principles of Economics Supply Schedule Supply schedule: a table that shows the relationship between the price of a good and quantity supplied, keeping everything else constant Ex. Starbucks supply of lattes 3 Price of Latte Quantity of lattes supplied $0.00 $1.00 3 $2.00 6 $3.00 9 $4.00 12 $5.00 15 $6.00 18 THE MARKET FORCES OF SUPPLY AND DEMAND 4 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 5 10 15 Starbucks Supply Schedule & Curve...
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This note was uploaded on 06/03/2011 for the course ECON 224 taught by Professor Ozturk during the Fall '09 term at South Carolina.

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Supply - Shift in the Demand Curve Question Draw a demand...

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