Ec 10 lecture Section 1 - Ec 10 lecture Section 1 1:11:00...

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Ec 10 lecture Section 1 26/09/2007 15:11:00 Rancher buys 15 oz of Potatoes for 5 oz of Meat Price of potatoes with trade = 1 oz meat for 3 oz potatoes Price of potatoes without trade =  ½ Farmer buys 5 oz of meat for 15 oz of potatoes Price of meat with trade = 3 oz of potatoes per oz of meat Demand Quantity demanded = how much an individual is ready, willing, and able to  buy (qD) Determinants of Demand Prices Income Tastes Expectations Prices of Related Goods See DEMAND CURVE TEXTBOOK Change in Price = movement along curve Change in all else = shift in curve
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