Econ 104 - 6

Econ 104 - 6 - Summary: Variables That Affect Demand...

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Summary: Variables That Affect Demand Variable A change in this variable… Price …causes a movement along the D curve No. of buyers …shifts the D curve Income …shifts the D curve Price of related goods …shifts the D curve Tastes …shifts the D curve Expectations …shifts the D curve
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Supply Supply comes from the behaviour of sellers. The quantity supplied of any good is the amount that sellers are willing to sell. Law of supply : the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises.
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The Supply Schedule Supply schedule : A table that shows the relationship between the price of a good and the quantity supplied. Example: Starbucks’ supply of lattes. Notice that Starbucks’ supply schedule obeys the Law of Supply. Price of lattes Quantity of lattes supplied $0.00 0 1.00 3 2.00 6 3.00 9 4.00 12 5.00 15 6.00 18
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$0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 0 5 10 15 Price of lattes Quantity of lattes supplied $0.00 0 1.00 3 2.00 6 3.00 9 4.00 12 5.00 15 6.00 18 P Q
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Econ 104 - 6 - Summary: Variables That Affect Demand...

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