2/2 - Principles of Microeconomics Lecture Notes
2/2 - Principles of Microeconomics Lecture Notes ECON:1100:0AAA
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This 4 page One Day of Notes was uploaded by Kelsy Lartius on Tuesday February 3, 2015. The One Day of Notes belongs to ECON:1100:0AAA at University of Iowa taught by Stacey Brook in Spring2015. Since its upload, it has received 141 views. For similar materials see Principles of Microeconomics in Economcs at University of Iowa.
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Date Created: 02/03/15
Principles of Microeconomics Lecture Notes 22 Lecture Notes Change in Demand con39t 3 Change in income A Normal Good consumer39s income increases gt demand increases l decreases gt D decreases P dgt Help 0 D Q B Inferior Good income increases gt demand decreases income decreases gt demand increases l TgtlD 4 Change in the price of another related good A Substitute goods increases in price of good x gt increase in demand for good y gt I Ltizwboards D 9 G Of skis B Complement goods increase in price of good x 2 decrease in demand for good y T PX T D l x skibooots y skis o D Qof skis 5 Change in the expected price I P e l D Q Supply quotproducer or firm39s behaviorquot Supplyrelationship TQS S LQS F 5 Change in Quantity Supplied P 6 only due to a change in the price of the good 7 being produced supplied Q Change in Supply shifting the supply curve 1 of firms increase in of firms gt increase in supply P 39 5 3 increase in of firms entry a decrease in of firms exit F G 2 Changes in Resource Input Prices increase in wages gt increase in firm39s cost gt decrease in supply 5 3 Technology Innovation increase in tech gt decrease in production costs gt increase in supply V S g gt L Q 4 Prices of Other Goods Produced by the Firm increase in price of good a gt decrease in supply of good b TPA l g 4 Sr 53 A J 00F300Jx A 5 Change in Expected Prices f r 9 3 e 4a 7 B
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