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Managerial Economics Week 4 Notes

by: Jessica Notetaker

Managerial Economics Week 4 Notes 28-1112-05

Marketplace > Columbia College Chicago > Entrepreneurship > 28-1112-05 > Managerial Economics Week 4 Notes
Jessica Notetaker

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About this Document

Notes for week 4 of Managerial Economics focusing on Supply and Demand.
Managerial Economics
David Sikich
Class Notes
Managerial, Economics, supply, demand, market, Micro Economics




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This 2 page Class Notes was uploaded by Jessica Notetaker on Saturday February 20, 2016. The Class Notes belongs to 28-1112-05 at Columbia College Chicago taught by David Sikich in Winter 2016. Since its upload, it has received 19 views. For similar materials see Managerial Economics in Entrepreneurship at Columbia College Chicago.


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Date Created: 02/20/16
Managerial Economics Week #4  Supply & Demand    ● In order for products to exist there must Sellers & Buyers  Supply: Ability and Willingness to produce within availability  Demand: ​Ability to buy quantities of products at specific prices  Bartering:​xchange of goods and services without money                      Not considered part of the market place    MAIN CONFLICT:  Sellers want the most money  Buyers want the best deal    Product Market: Someone tries to sell to you (consumer)  Factor Market: ​onsumers do the selling  EX. Job interviews    Market Supply Curve Vs. Demand Curve  ● Opposite Curves  ● Supply curve always goes to the right and upward  ● Demand curves to the right and downward  Equilibrium Price:“Sweet Spot” Where price satisfies both supply and demand needs                                    Most commonly found using trial and error                                    Doesn’t always satisfy both parties EX. Seller had to lower price a little to  keep with demand  Market Shortage: Producers prefer: Raise price due to low resources  Market Surplus: Consumers Prefer: Lower demand with extra resources leads to lower prices    Order Of Importance    Market Supply  Market Demand  Technology  Tastes (desire)  Factor Cost  Spendable Income  Competition  Expectations  Expectations  Other Goods  Other Goods  Number of Buyers  ● Supply & Demand is always shifting (Competition, wants, availability)  ● Natural disasters can influences changes  Price CeilingPrice is higher or lower than equilibrium determined by market forces   Price Floor:  Government sanctioned limit on minimum cost of products (must be higher than  equilibrium to be effective) 


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