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Exam #1 Guides - Chapter 3 Define the demand curve How does...

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Chapter 3: Define the demand curve. How does it differ from quantity demanded? How is the change in demand different from a change in quantity demanded? Explain, graph and give examples. What are the determinants of demand? = what has to happen for a demand curve to shift. Explain what happens to the demand for coffee when there is an increase in the price of tea? How do you calculate the market demand based on an individual demand? Do the same for the supply curve. Define equilibrium. Define a shortage. What is happening to the quantity demanded and the quantity supplied if there is a shortage. How about a surplus? What will be the result as far as the price and quantity? Keep in mind that there are 2 videotaped lectures on the subject on the ch.3 information. Chapter 4: What happens to equilibrium price and quantity when demand and supply both go up? Both go down? One goes up and the other one goes down? Check material in video and lecture notes. Graph and show the end result. If price is held off equilibrium, what forms of rationing could you use?
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