Market supply is the sum of single firm supplies.
Chan es in uantit su lied
1) caused by a change in price;
ii) represented by a movement along the supply curve.
increase in quantity supplied decrease in quantity supplied
Intermediate Microeconomics (323)
Lecture Notes of Dr. Guoqiang Tian
I. Math Review and Economics Review
1.1 Equation for straight line y a ax + b
where a a slope
1.2 Solve two equations with two unknowns.
b = intercept of 3'
Relative Price and Absolute Price
Absolute price or nominal price is the price without considering the
changing value of money.
Relative price or real price is the price with considering the
changing value of money. E9. The price of the first class tick