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## Chapter 4 Notes: Prices

by: Curtis Carter

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# Chapter 4 Notes: Prices ECN 212

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

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Chapter 4 notes on the concepts of Demand and Supply
COURSE
Microeconomic Principles
PROF.
Girante
TYPE
Class Notes
PAGES
3
WORDS
CONCEPTS
Economics, Microeconomics
KARMA
25 ?

## 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.

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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.

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