Lecture+4+September+15

Lecture+4+September+15 - Todays Agenda Equilibrium price...

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Unformatted text preview: Todays Agenda Equilibrium price and quantity in the supply and demand model Comparative statics The rationing and signaling functions of prices Need to find your lost clicker ID? See me after class today with your clicker, pencil, and paper in hand. Marginal magnitudes mean much in microeconomics Demand curve represents marginal willingness to pay . Is there a counterpart for supply? If suppliers are profit maximizers, they compare marginal revenue with marginal cost. Supply curve represents marginal opportunity cost . Distinguish: change in quantity demanded movement along the demand curve results from a change in the goods own price Distinguish: change in quantity demanded movement along the demand curve results from a change in the goods own price Q $/Q D Distinguish: change in quantity demanded movement along the demand curve results from a change in the goods own price change in demand shift of the demand curve results from a change in any other determinant of demand Q $/Q D Distinguish: change in quantity demanded movement along the demand curve results from a change in the goods own price change in demand shift of the demand curve results from a change in any other determinant of demand Q $/Q D Distinguish: change in quantity supplied movement along the supply curve results from a change in the goods own price Distinguish: change in quantity supplied movement along the supply curve results from a change in the goods own price Q $/Q S Distinguish: change in quantity supplied movement along the supply curve results from a change in the goods own price change in supply shift of the supply curve results from a change in any other determinant of supply Q $/Q S Distinguish: change in quantity...
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Lecture+4+September+15 - Todays Agenda Equilibrium price...

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