Ch3 review

Ch3 review - Ch.3:Demand,Supply,andPrice:51PM 23:13...

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Ch.3: Demand, Supply, and Price 27/09/09 1:51 PM 23:13 3.1: DEMAND The amount of a product that consumers wish to purchase is quantity demanded.               - A flow expressed as so much per period of time.              - Determined by tastes, av. Household income, the product’s own price, price of  other products, size of population, distribution of income among consumers, and  expectations about the future. Demand Curve: Movement along  the DC is caused by a change in the product’s price  where as a shift  in  the DC is caused by a change in any of the other determinants of demand . shifts… - average income changes - prices of other products change - consumers’ tastes change - the distribution of income changes - population changes - expectations about the future are revised
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3.2: SUPPLY W hat determines “quantity supplied”:   - the amount that some producers want to sell
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Ch3 review - Ch.3:Demand,Supply,andPrice:51PM 23:13...

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