CH4_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

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Unformatted text preview: Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 4 Exam 1, February 12 Exam 1, February 12 ✔ Study Chapters 1 – 4. ✔ Come to the exam prepared to use: ➜ Textbook & notes ➜ 3”x5” card ➜ Only your brains & a pencil ✔ Scantron sheet will be provided. Teaching Project Orientation Teaching Project Orientation ✔ Fill out paperwork ahead of time. ✔ Select a teaching partner. ✔ Attend one of these 90-minute sessions, in FC 101, Feb. 11 or 12: ➜ 1 p.m. ➜ 3 p.m. ➜ 5 p.m. Chapter 4: Extensions of Demand and Supply Analysis Changes in Demand and Supply ✔ Changes in supply and demand create a disequilibrium. ✔ The market price and quantity adjust to a new equilibrium. Review of The D Side of the Mkt.: 1. Price of related goods Substitutes Goods and services that can be used for the same purpose. Complements Goods that are used together. 1. Income Normal good A good for which the demand increases as income rises and decreases as income falls. Inferior good A good for which the demand increases as income falls, and decreases as income rises. Variables That SHIFT Market Demand 3. Tastes 4. Population and demographics The Demand Side of the Market Variables That Shift Market Demand Demographics The characteristics of a population with respect to age, race, and gender....
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This note was uploaded on 03/27/2012 for the course ECON 2301 taught by Professor Staff during the Spring '08 term at Texas A&M University, Corpus Christi.

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CH4_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

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