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econ 2030 2-02

econ 2030 2-02 - TODAYS MENU Wednesday 02 February 2011 I...

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I. BUSINESS TODAY’S MENU: Wednesday 02 February 2011 A . Practice Problems 1. Chapter 4: 1, 3-7, 10-20, 22 B. First Exam: One week from Monday (14 February) II. SUBSTANCE A. Buyers’ side of market: Demand 1. Determinants of Demand a. Income b. Price of related goods c. Tastes and preferences d. Expectations . Future price (+) ii. Future income: normal good (+); inferior good (-) e. Number of buyers (+) 2. Graphically a. Change in Quantity Demanded: movement along curve Comment [JAL1]: What affects the market- the party with the money Comment [JAL2]: Varys betwenn pl Comment [JAL3]: Martha sweart calls and tells that the founder of apple was dying and what the future expectation is price will go down so you sell all your stock Turns out she lied and you lost a lot of your investment What makes you act this way? Expectations!! Comment [JAL4]: Affects demanbd the more buyers = the more demand Comment [JAL5]: Question from a to d has demand increased decreased or stayed the same?
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