Econ 2030 notes

Econ 2030 notes - TODAYS MENU: MONDAY 31 JANUARY 2011 I....

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TODAY’S MENU: M ONDAY 31 J ANUARY 2011 I. BUSINESS A . Practice Problems 1. Chapter 4: 1, 3-7, 10-20, 22 B. First Exam: Two weeks from today (14 February) II. SUBSTANCE pencil pen highlighter lsu id and small scantron are all that’s allowed A. How Trade Can Benefit All: An example 1. Conclusions Cause -> Effect Action -> Reaction Independent Variable -> Dependant Change in Price -> Change in quantity demanded Change in demand -> change in price ***When economist talk about demand it is the BUYERS behavior!!! B. Buyers’ side of market: Demand (if the demand is high the cost increases; if demand is low then price decreases) 1. Definition – the ability AND willingness to purchase a good or service at various prices 2. Not to be confused with Quantity Demanded 3. Determinant of Quantity Demanded –the amount of a good or a service willing to be purchased at a specific price a. Price of good (-) – affects the quantity demanded, and direction of the relationship is inversed Comment [JAL1]:
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Econ 2030 notes - TODAYS MENU: MONDAY 31 JANUARY 2011 I....

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