ECON110_Supply and Demand Notes - ECON110 Notes Law of demand and law of supply-Law of demand the quantity of a good demanded in a given time period

ECON110_Supply and Demand Notes - ECON110 Notes Law of...

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ECON110 Notes Law of demand and law of supply -Law of demand- the quantity of a good demanded in a given time period, increases as its price falls -Law of supply- the quantity of a good supplied in a given time period, increases as its price increases, ceteris paribus Demand and supply schedules -table showing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period Ceteris Paribus "Ceteris Paribus" - everything else being equal, what is the most wise decision we can make?, there are a lot of things we can do depending on implications to make an investment The assumption of nothing else changing Utility; total, marginal and diminishing Utility- Def. - how much benefit did I get from this item, from this purchase. -Total Utility - all the benefit received from acquiring a total # of the items -Marginal Utility - how much more benefit will be receive by buying one more purchase
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