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by: Bethany Conn


Bethany Conn
GPA 3.71

M. Wiser

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About this Document

M. Wiser
Class Notes
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This 2 page Class Notes was uploaded by Bethany Conn on Tuesday October 13, 2015. The Class Notes belongs to ECON 2010 at Louisiana State University taught by M. Wiser in Fall. Since its upload, it has received 5 views. For similar materials see /class/223033/econ-2010-louisiana-state-university in Economcs at Louisiana State University.




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Date Created: 10/13/15
quantity Change in supplyentire line moves Change in quantity supplied the point along the curve moves the demand curve moves SAME FOR DEMAND Increase in anything moves to the right In a perfectly competitive market there are many buyers and sellers All products sold are identical No barriers to new firms entering the market in a market system consumers determine the goods and services will be produced I what a is WILLING and ABLE to buv Demand schedule table that shows the relationship between supply and demand Quantity demanded amount of a good or service that a consumer is willing and able to buy at a given price Demand curve a curve that shows the relationship between the price ofa product and the quantity of the product demanded Market demand demand by all the consumers ofa given good or service Example market for restaurant meals would be city or small area market for international product would include consumers in all ofworld Law of demand inverse relationship between price of a product and the quantity of the produce demanded Substitution effect the change in the quantity demanded of a good that results from a change in price making the good more or less expensive relative to other goods that are substitutes The income effect the change in the quantity demanded of a good that results from the effect ofa change in the good s price on consumer s purchasing power Ceteris paribus conditionthe necessity of holding all variables other than price constant in constructing a demand curve VARIABLES THAT SHIFT MARKET DEMAND Income Prices of related goods Tastes Population and demographics Expected future prices Normal good demand increases following a rise in income and decreases following a fall in income Inferior goodwhen demand decreases following a rise in income and increases following a fall in income a decrease in price of sub Causes the demand curve for good to shift to the left An increase in price of sub Causes the demand curve for a good to shift to the right Complementsgood and services that are used together hot dog hot dog buns Population as population increases demand will increase Demographicsrefers to the characteristics of a population such as age gender and race


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