Micro2_Chapter3

Micro2_Chapter3 - School of Business International University References Keat/Young Managerial Economics 5/e Pearson Education Mar 2009 Lecturer Dr

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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 1 School of Business International University Mar 2009
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 2 Introduction ± Time: 3 hours ± Readings: ± Content: – Market Demand – Market Supply – Market Equilibrium – Comparative Statics Analysis • Short-run Analysis • Long-run Analysis – Supply, Demand, and Price
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 3 Learning Objectives ± Define supply, demand, and equilibrium price. ± List and provide specific examples of nonprice determinants of supply and demand. ± Distinguish between short-run rationing function and long- run guiding function of price ± Illustrate how concepts of supply and demand can be used to analyze market conditions in which management decisions about price and allocations must be made. ± Use supply and demand diagrams to show how determinants of supply and demand interact to determine price in the short and long run
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 4 Market Demand ± Demand for a good or service is defined as quantities of a good or service that people are ready (willing and able) to buy at various prices within some given time period, other factors besides price held constant.
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 5 Market Demand Market demand is the sum of all the individual demands. Example demand for pizza:
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References: Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 6 Market Demand The inverse relationship between price and the quantity demanded of a good or service is called the Law of Demand .
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Keat/Young, Managerial Economics, 5/e, Pearson Education Lecturer: Dr. Nguyen Quynh Mai 7 Market Demand ± Changes in price result in changes in the quantity demanded. – This is shown as movement along the demand curve. ± Changes in non-price determinants result in changes in demand. – This is shown as a
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This note was uploaded on 07/15/2011 for the course ECON 101 taught by Professor Abcd during the Spring '11 term at RMIT Vietnam.

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Micro2_Chapter3 - School of Business International University References Keat/Young Managerial Economics 5/e Pearson Education Mar 2009 Lecturer Dr

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