Unformatted text preview: ii. Inferior good (-) b. Price of related goods in consumption i. Substitutes: Increase price (+) ii. Complements: Increase price (-) c. Tastes and preferences (+) d. Expectations i. Future price (+) ii. Future income: normal good (+); inferior good (-) e. Number of buyers (+) 5. Graphically a. Change in Quantity Demanded: movement along curve b. Change in Demand: shift of entire curve III. NEXT TIME A. Finish Chapter 4: “Supply and Demand” B. Begin Chapter 5: “Using Supply and Demand”...
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This note was uploaded on 11/16/2011 for the course ECON 2030 taught by Professor Bong during the Fall '07 term at LSU.
- Fall '07