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Unformatted text preview: Increase technology Supply and Demand Price= P $9 8 7 6 21:15 Supply and Demand 21:15 Quantity Demanded=Qd 2, 3 , 5, 9 There is an inverse relationship between price and quantity demanded Quantity demanded­ is the amount that will be purchased at a specific P Demand­ it is a schedule of quantities of goods and services that will be purchased at carious prices at a specified time, all other things held constant(ceratus perimus) PRICE DOESN’T CHANGE DEMAND!!! Price is the only variable that changes quantity demand! There are 8 Determinants of Demand 1. Number of Consumers a. As the number of consumers goes down the demand goes down 2. Income­ Normal Goods As peoples incomes go up the demand for normal goods increases. As peoples income go down, demand for normal goods decreases ^Y D ^ Y decr...
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This note was uploaded on 10/30/2012 for the course BUS 420 taught by Professor Thisal during the Fall '11 term at University of Arizona- Tucson.

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