Econ1-Fall2010-05C-Demand-handout

Econ1-Fall2010-05C-Demand-handout - Readings Economics1

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Economics 1 rinciples of Microeconomics Principles of Microeconomics 5. Demand (C) Fall 2010 Herb Newhouse 1 eadings Readings I don’t think this lecture fits real well with specific sections of the k book. Overall you should know the main chapter (p 125 – 145) as well as the appendix: pp Translating Wants into Demand Applying the Rational Spending Rule Individual and Market Demand Curves Demand and Consumer Surplus e covered some of the things more technically but I think it’s We covered some of the things more technically but I think it s worthwhile if you can match the verbal descriptions in the book to the technical explanations. 2 utline Outline ubstitution and income effects Substitution and income effects. Complementary/Substitute goods. Individual and market demand. Consumer surplus. 3 How does the optimal choice change when p 1 falls?
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Econ1-Fall2010-05C-Demand-handout - Readings Economics1

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