Econ 101 Week 5
Econ 101 Week 5 ECN 101
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This 1 page Class Notes was uploaded by Sydney on Sunday October 9, 2016. The Class Notes belongs to ECN 101 at Saint Martin's University taught by Riley R. Moore in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Economics in Economics at Saint Martin's University.
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Date Created: 10/09/16
Ceteris Paribus Supply pg. 59 Demand pg. 54 Movement- Change in price only, move along an existing line Shift- Change in other determinant, new line Price floor Price can not go below for surplus Price ceiling- Price can’t go above for shortage Sales revenue-Price x quantity -sin tax EP= % change in quantity demand / % change in price ratio if >1 elastic EP> 1 elastic ↓ in price EP = 1 Unitary elastic - keep price the same EP< inelastic ↑in price ↑ in total revenue(sales) EP>1 elastic ↳Price x quantity if P↓ x Q ↑↑ if drop in price quantity must go up more -Demand curve is also representative of elasticity. More price sensitive
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