Week 3 - Principles of Microeconomics Lecture Notes
Week 3 - Principles of Microeconomics Lecture Notes ECON:1100:0AAA
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This 11 page Class Notes was uploaded by Kelsy Lartius on Sunday February 8, 2015. The Class Notes belongs to ECON:1100:0AAA at University of Iowa taught by Stacey Brook in Spring2015. Since its upload, it has received 353 views. For similar materials see Principles of Microeconomics in Economcs at University of Iowa.
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Date Created: 02/08/15
22 Lecture Notes Change in Demand con39t 3 Change in income A Normal Good consumer39s income increases gt demand increases decreases gt D decreases P dgt New 0 0 Q B Inferior Good income increases gt demand decreases income decreases gt demand increases i TgtlD 4 Change in the price of another related good P f A Substitute goods increases in price of good x gt increase in demand for good y TPX 7 x snowboards gt 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 24 Lecture Notes Market Equilibrium W Qor Mm 0 am 5 where 1 1 OS at Nola Marina Qobmiiibrmm remnhlrxj S amp lkmrk eo dkbrM Vice is VAL N R 5 er a a 1mm mark pv xu Vi 395 veoAcv 4Mma Qaumliiorlm Prim Pquot Hn39s Vast ux m w What if Current price P2 lt market equilibrium price P r l 5 Al P11 sWitty 02 05 P34 V quot lFhewrm wit 419 s HM kaa39t ch Shortage lL QZD Q Z Chanqe in the market equilibrium 1 Determine whether to shift the demand curve the supply curve or both 2 Which direction does the curves shift 3 Use the supply and demand model to find the new equilibrium price and equilibrium quantity 1 Change in Demand only A Increase in demand B Decrease in demand 2 Change in Supply only A increase in supply P VF Pee B Decrease in supply JSLO YP 26 Lecture Notes 3 Change in Both Demand and Supply Simultaneously A Increase in both demand and supply C Increase in demand and decrease in supply VMSewm Solve for P and 0 with a demand and supply equation Q SUD SP gom Pquot ea Q of Q5 2P 00 Swap 2P too 00 a 57 77p 9 9 580 2 80m Jaw a we W me am 9 as D quot 1 Q 500 SW DD QKDD QS MW Lab DD SWWW I 61 quot HBD SP lammm NH W 3 zvLao 9 aw 7 UBD SP z 400 W D JP 94 7 7 d 7D Q Kizcev r W GD 5005 23 ZPZS gt SWN SWHS Y 3 ch 942 2 SUDSPrzP zs jzw P 475 39 7 7 gt a 15 Sm msci Qv j 5P L1H QQZP25 4er 5H amp 05 a quot790 5 929 19 5515 W Sb 5 WADquot
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