Business - 13:41 Business Practiceproblems...

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13:41 Business Practice problems Chapter 4: 1, 3-7, 10-20, 22 Substance---changing buyers to sellers  A buyers’ side of market: Demand Determinants of demand Income Price of related goods Tastes and preferences Expectations What you think is going to happen in the future will help determine whether to buy or not  React now—even if it is a “rumor”  Future price (+) If don’t do now price might go higher Future income: normal goods (+);  inferior goods (-) Number of buyers (+) Graphically Change in quantity demanded: moving along curve Change in demand: shift of entire curve  Sellers side of market: supply Definition The ability and willingness to SELL various prices Not to be confused with quantity supplied SPECIFIC amount of good/service that is willing to be sold at SPECIFIC price 
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Determinant of quantity supplied Price of good (+) Everything held constant, going to want to sell more 
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This note was uploaded on 02/14/2012 for the course ECON 2030 taught by Professor Bong during the Fall '07 term at LSU.

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Business - 13:41 Business Practiceproblems...

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