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GWU / Economics / ECON 1011 / How to construct a demand curve?

How to construct a demand curve?

How to construct a demand curve?

Description

School: George Washington University
Department: Economics
Course: Principles of Economics I
Term: Fall 2018
Tags: Math and Economics
Cost: 25
Name: ECON 1011 Week 3 Notes
Description: These notes cover supply and demand and Marshallian Cross diagrams
Uploaded: 09/15/2018
9 Pages 116 Views 2 Unlocks
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CHAPTER 4 NOTES: DEMAND, SUPPLY AND MARKETSIf you want to learn more check out What is classical architecture about?

  • Website can be geographical or non-geographical (example: farmers market v. website
  • Mancet: collection of places, institutions and means that allows individuals and businesses to buy and sell goods and services, labor,financial assets and anything else ppl want to exchange

Don't forget about the age old question of Financial capital refers to what?

4.2: DEMAND: AN ANALYSIS OF BUYERS

What factors determine buyer behavior?

  • Ceteris- paribus: assume that all other possible determinants don’t change while one is being evaluated
  • Price of good ↑ (and everything else SAME) = number of purchases ↓ if able to find sub for lower price ← Law of demand
  • Also works in reverse (price ↓ = buy more)
  • Also react to price because of personal income (consume less of high priced good, buy less of another good, or less saving
  • EXEMPTION: good that is absolute necessity
  • Preferences → affects types of goods ppl want
  • Income → income  ↑  = buy more
  • Normal goods: good is normal if ppl buy more of it in response to income  ↑
  • Inferior goods: good is inferior if ppl’s consumption of it ↓ in response to income  ↑  (because can afford better things)
  • Necessities not normally influenced by income change because still necessity

Don't forget about the age old question of What is included in other comprehensive income?
We also discuss several other topics like What does the theory of biological evolution say?

Prices of Related Goods

  • Substitute goods: goods that can be subbed for one another. Price of one  ↑  = purchases of other  ↑
  • Complementary goods: goods that are used together. Prices of one  ↑  = purchases of good with it ↓

Don't forget about the age old question of What do origin stories tell us about people?

Expectations

  • Expect prices  ↑  in the future = demand for good  ↑
  • Number of potential buyers  ↑  = demand  ↑

We also discuss several other topics like What was the main purpose of the deposition?

4.3 HOW DO YOU CONSTRUCT DEMAND SCHEDULES AND CURVES?

  • Quantity demanded: quantity of good or service that ppl. Will want to buy in given time period at specific price
  • Price  ↑  = quantity demanded ↓
  • Demand: quantities of good that ppl are willing and able to buy at each series of prices
  • Demand curve = quantity demand
  • Movement along the demand curve: price change = demand change
  • Demand curve can shift (caused by anything OTHER than change in price)
  • Demand  ↑  = shift right
  • Demand ↓ = shift left
  • Change in price ≠ change in demand
  • Change in price = change in quantity demanded

4.5 SUPPLY: AN ANALYSIS OF SELLERS AND PRODUCERS

  • Profit =difference between revenues from selling goods and costs of producing these goods
  • Revenue ↑  and costs ↓ = production ↑

What Determines Production?

  • Price
  • Price of good ↑ = output of good ↑
  • Price of good ↓ = production ↓
  • Production ↑ = eventually, cost of production ↑ = prices ↑
  • Prices of Inputs
  • Inputs: labor, land, and capital used in producing goods and services (factors of production)
  • Technology
  • tech ↑ = input ↓ = profit ↑ = production
  • Other possible factors
  • expectations
  • Production cost ↑ = production ↓
  • Current prices and related goods
  • Number firms or seller in market (number firms or sellers ↑ = production ↑)
  • Weather
  • legislation

4.6 HOW DO YOU CONSTRUCT SUPPLY SCHEDULES AND CURVES?

  • Account for changes in quantities supplied: quantity of good or service that producers intend to sell or sellers bring to a market at specific price during given time period
  • Parallel to quantity demanded

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