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Econ 1 Lecture Notes 1008

Econ 1 Lecture Notes 1008 - Econ1LectureNotes 14:57:00...

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Econ 1 Lecture Notes 08/10/2010 14:57:00 If below equilibrium, there will be a shortage If above equilibrium, there will be surplus - no gov’t intervention mortgage loans and houses are complements If mortgage loan interest rate increases, what would happen to housing price? If the price of the loan increases, the demand of the house decreases Law of demand only works when you work along demand curve Chapter 4 – Elasticity Scenario: You design websites for local businesses. You charge $200 per website, and  currently sell 20 websites per month.
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