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Unformatted text preview: ii. Complements: Increase price (-)-AND purchased together -price of one goes up the demand for the other decreases -prices move opposite (helps understand how business price goods) c. Tastes and preferences (+)-everything else held constant, something else becomes more desirable -demand will increase d. Expectations-what you think will have in the future change your 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...
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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.
- Fall '07