{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

DemandandSupply

DemandandSupply - Chapter3 Demand to edit Master Click and...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 11 Chapter 3 Demand and Supply
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
Course Outline {93B6C7DD-B656-4597-8DAF-0C35C7E5FCD7} Microeconomics troduction is Economics? Markets Work nd and supply tional Topics holds’ Choice Elasticity ncy and Equity t Actions in Markets s and Markets y and Demand references, and Choices onomic Problem put and Costs ct Competition Monopoly istic Competition Oligopoly 22
Background image of page 2
33 Lecture Outline I. Demand 1. Law of Demand 2. Willingness to pay curve/ marginal benefit 3. Other factors influence demand A. Changes in quantity demanded and changes in demand B . Normal goods / Inferior goods C . Substitutes and complements
Background image of page 3

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

View Full Document Right Arrow Icon
44 Lecture Outline II. Supply 1. Law of Supply 2. Supply curve and Marginal cost curve 3. C hanges in the quantity supplied and changes in supply 4. Other factors influence supply III. Market equilibrium 1. How prices are determined—market equilibrium 2. Predict changes in equilibrium
Background image of page 4
55 Topic Intended Learning Outcomes 3.1 Explain the law of demand and the law of supply. 3.2 Explain the relationship between the demand curve and the marginal benefit (measured by willingness to pay) curve. 3.3 Identify the factors influence demand/supply; use graphs to represents how change in certain factor change the demand/supply curve; distinguish changes in quantity demanded/supplied and changes in demand/supply. 3.4 Distinguish Normal goods and Inferior goods. 3.5 Define and identify substitutes and complements.
Background image of page 5

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

View Full Document Right Arrow Icon
66 Intended Topic Learning Outcomes 3.6 Explain and apply the optimal decision rule of a seller in a perfect competitive market; explain the relationship between the supply curve and marginal cost curve. 3.7 Aggregate individual demand/supply curves to get market demand/supply curves. 3.8 Explain how prices are determined in competitive markets; calculate market equilibrium price and quantity for any given demand and supply curves; explain how market reaches equilibrium. 3.9 Use graphs to predict changes in equilibrium when some factors influence demand and/or supply change.
Background image of page 6
77 I.1.  Demand n If you demand something, then you: q Want it, q Can afford it, q Have made a definite plan to buy it.
Background image of page 7

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

View Full Document Right Arrow Icon
88 I.1. Demand n Demand curve q A demand curve shows the relationship between the quantity demanded of a good and its price holding all the other things constant. n The quantity demanded of a good or service is the amount that consumers plan to buy during a particular time period, and at a particular price.
Background image of page 8
99 I.1. Demand n The Law of Demand q Other things remaining the same, the higher the price of a good, the smaller is the quantity demanded.
Background image of page 9

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

View Full Document Right Arrow Icon
1010 I.2. Individual Demand n
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}