New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Chapter 4 Notes: Prices

by: Curtis Carter

Chapter 4 Notes: Prices ECN 212

Marketplace > Arizona State University > ECN 212 > Chapter 4 Notes Prices
Curtis Carter

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Chapter 4 notes on the concepts of Demand and Supply
Microeconomic Principles
Class Notes
Economics, Microeconomics
25 ?




Popular in Microeconomic Principles

Popular in Department

This 3 page Class Notes was uploaded by Curtis Carter on Friday September 9, 2016. The Class Notes belongs to ECN 212 at Arizona State University taught by Girante in Fall 2016. Since its upload, it has received 7 views.


Reviews for Chapter 4 Notes: Prices


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 09/09/16
Curtis Carter   Chapter 4 Notes     I. Demand:  ​ To buy a good or service   A. Demand & Quantity Demanded   1. Quantity Demanded​: Amount of a good that buyers are willing and  able to buy at a given price during a certain period.   2. Demand:​ Inverse relationship between the price of a good and the  quantity demanded of the good and the quantity demanded of the  good,​ cet​ ris paribus (everything else constant).  B. Law of Demand   1. If the price of a good rises, the quantity of the good falls. If the price  of a good falls, the quantity of the good rises.  C. Demand Schedule  1. A table that shows the relationship between the price of a good and  the quantity demanded of said good.  2. EX:  Price   John’s  Kyle’s  Market  Demand   Demand   Demand   $0.00  0  3  3  $1.00  1  6  7  $2.00  2  9  11  $3.00  3  12  15  $4.00  4  15  19    D. Changes   1. Changes in price  a) Changes in quantity demanded  b) Movement along the demand curve  c) Change in price, law of demand is in work  2. Changes in anything else   a) Changes in demand   b) New demand curve   c) Changes in preferences  E. Demand Shifters   1. Buyers  a) More people buying goods raises quantity demanded at  each price level. Demand rises.  2. Income   a)  ​ ormal Goods:​ As income rises, demand for better quality  goods increases.  b)  ​Inferior Goods: ​ As income falls, demand for lesser quality  good increases  c) Taste(Preferences)   (1) When people fancy a good, quantity demanded  increases and demand increases  d) Price of Related Goods  (1) Substitutes:​ If there are two similar goods available  and if the price of one good increases demand for the  other good increases  (2) Complements:​ If there are two goods that are used  together and if the price of one good increases, the  demand for the other good increases.  3. Expectations   a) Future products can be substitutes for current products  b) EX: selling your Iphone 6 in order to get the Iphone 7 when it  comes out.   c) When people expect future price of a good to rise, they start  buying more in the present, demand increases.   II. Supply      A. Quantity Supplied  1.  ​Amount of the good sellers are willing and able to sell at a given  price during a certain period.  B.  ​ Law of Supplied  1. Positive relationship between the price of a good and the quantity  supplied of that good.  C. Supply Schedule   1. A table that shows the relationship between the price of a good and  the quantity supply of the good         2. EX:  Price   John’s Supply   Kyle’s Supply   Market Supply   $5.00  10  5  15  $4.00  8  4  12  $3.00  6  3  9  $2.00  4  2  6  $1.00  2  1  3  $0.00  0  0  0  3.   D. Changes   1. Changes in price  a) Changes in quantity supplied   b) Movement along the supply curve  c) Change in price, law of supply in work   2. Changes in anything else  a) Changes in supply   b) New Supply curve  c) Changes in preference   E. Supply Shifters   1. Technology  a) An advancement in technology       III. Equilibrium: ​Occurs at price such as that quantity demanded equals quantity  supplied.               


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.