NoteTakingExample.pdf BCUSP 200B
University of Washington Bothell
Popular in Microeconomics
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This 1 page One Day of Notes was uploaded by Kayla Neal on Monday November 10, 2014. The One Day of Notes belongs to BCUSP 200B at University of Washington Bothell taught by Dr. Marin in Fall. Since its upload, it has received 71 views. For similar materials see Microeconomics in CUSP at University of Washington Bothell.
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Date Created: 11/10/14
Microeconomics 200 B Monica Marin TTh 8451045 10 14 14 How does supply and demand interact Market Equilibrium How to determine equilibrium price and equilibrium quantity 0 We need to find the point where buyers and sellers intentions meet 0 This is called the equilibrium price or market clearing price The term market clearing price is derived from the fact that at this price there will be no shortage or surplus 0 Equilibrium quantity quantity supplied quantity demanded Market Demand and Supply for Corn Quantity SupplyWeek 12000 Bushels 10000 Bushels 7000 Bushels 4000 Bushels 1000 Bushels Price Bushel 5 4 I 2 1 Quantity Demanded Quantity Supplied Week Quantity Demanded 2000 Bushels 4000 Bushels 7000 Bushels 2 11000 Bushels 16000 Bushels 0 Surplus occurs when quantity supplied is higher than quantity demanded QsgtQd 0 Shortage Occurs when quantity supplied is lower than quantity demanded QsltQd