This preview shows page 1. Sign up to view the full content.
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...
View Full Document
- Fall '07