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

ECO 105 Goel Week 3 Notes: 8/31-9/4

by: Daniel Hemenway

ECO 105 Goel Week 3 Notes: 8/31-9/4 ECO 105

Marketplace > Illinois State University > Economcs > ECO 105 > ECO 105 Goel Week 3 Notes 8 31 9 4
Daniel Hemenway
GPA 3.93
Principles Economics
Rajeev Goel

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

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

I am an Elite Note Taker and I will be posting notes each week, along with study guides for exams for BSC 101 (Helms), ACC 131 (Seipp), and ECO 105 (Goel). Give them a look and refer your friends ...
Principles Economics
Rajeev Goel
Class Notes
25 ?




Popular in Principles Economics

Popular in Economcs

This 4 page Class Notes was uploaded by Daniel Hemenway on Monday September 7, 2015. The Class Notes belongs to ECO 105 at Illinois State University taught by Rajeev Goel in Fall 2015. Since its upload, it has received 62 views. For similar materials see Principles Economics in Economcs at Illinois State University.


Reviews for ECO 105 Goel Week 3 Notes: 8/31-9/4


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: 09/07/15
ECO 105 Goel 83184 Slight Importance Moderate Importance High Importance 0 Demand Demand The amount people are prepared to buy under specified circumstances during a specified time period Law of Demand There is a negative inverse relationship between the price of a good and its Quantity Demanded Holding other factors constant Demand Curve Shows the various Quantities Demanded at different prices Holding other factors constant Real world behavior is not necessarily a straight line Example D1 SUnit P D1 D O QUnits A negative price and negative quantity don t have economic meaning 0 Individual and Market Demand The Market Demand curve is the Horizontal Sumadding CD of Individual Demand Individual Market Market Demand SMeal SMeal SMeal B 5 5 quotquotquotquotquotquotquotquot quot 5 3 3 quotquotquotquotquotquotquotquotquotquotquotquotquotquot 3 DA DB 2 3 Q 3 4 Q 5 7 Q quot Week quot Week Week ECO 105 Goel 83184 0 Individual and Market Demand cont Principle of Substitution Lady every good or service has a substitute 0 Example Coke and Pepsi Air and Car Travel 0 Movement vs Shift in a Curve Applies to both demand and supply curve When the Price of the Good Changes there is a Movement along the Demand or Supply curve Called Change in Quantity DemandedSupplied When Factors Other Than the Price of the good change there is a shift in the Demand or Supply curve Called Change in DemandSupply Movement Shift o DDU o D o D o D ECO 105 Goel 83184 Factors that Shift the Demand Curve other than price Price of Related Goods Substitutes or Complements Substitutes example Coke and Pepsi Complements example Sugar and Coffee Consumer Income Normal and Inferior Goods Most goods are normal goods Income increases Demand increases Inferior goods Income increases Demand decreases Example Ramen Noodles Consumer Preferences Number of Buyers Buyers Expectations Supply Supply Quantity Supplied of a good or service is the amount of the good or service offered for sale at a given price Holding other Factors Constant The Supply Curve or supply schedule Of a particular good or service shows the various Quantities Supplied at different prices Holding other Factors Constant The Supply Curve is generally positively sloped Factors Shifting the Supply Curve Prices of Other Goods Other goods the seller is either producing or can produce Prices of Relevant Resources Technology Number of Sellers Seller s Expectations ECO 105 Goel 83184 Market Equilibrium Market Equilibrium Is at the the intersection of Demand and Supply Curves Gives Equilibrium price and quantity Equilibrium price is that price at which the Quantity Demanded of a good equals it Quantity Supply Surplus Shortage 0 E0 Q Characteristics Quantity Demanded Quantity Supplied No shortage or surplus The market clears Equilibrium price is stable No tendency to rise or fall 0 Effect on Market EQ of an increase in income P 1 Q ll 0 Effect of increase in technology P U Q 1 0 Effect on Market EQ of an increase in the number sellers and a simultaneous decrease in the number of buyers P U Q depends on amount


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!"

Amaris Trozzo George Washington University

"I made $350 in just two days after posting my first study guide."

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

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.