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## PrinciplesOfMicroeconomics

by: Oleta Friesen

16

0

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# PrinciplesOfMicroeconomics ECO201

Marketplace > Miami University > Economcs > ECO201 > PrinciplesOfMicroeconomics
Oleta Friesen
MU
GPA 3.79

JamesDunlevy

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COURSE
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JamesDunlevy
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Class Notes
PAGES
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KARMA
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## Popular in Economcs

This 0 page Class Notes was uploaded by Oleta Friesen on Sunday November 1, 2015. The Class Notes belongs to ECO201 at Miami University taught by JamesDunlevy in Fall. Since its upload, it has received 16 views. For similar materials see /class/233360/eco201-miami-university in Economcs at Miami University.

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Date Created: 11/01/15
Demand and Supply De nitions are important Learn to use the terms precisely and correctly On the basis of intuition ie informed common experience we can surmise that the QUANTITY DEMANDED of a good will depend inter alia on i the price of the good ii the prices of complementary and substitute goods iii the per capita income of potential buyers the per capita wealth of potential buyers iv the number of potential buyers and V the tastes or preferences of the potential buyers vi assorted other effects Demand refers to the relationship between the Quantity Demanded of a good and the Price of that good given other things being equal ie for given values of ii through vi above Demand can be represented as a table as an equation as a graph for the other things held constant 9g 24 Qd 24 7 4 P 20 or P 6 7 1A Qd 16 12 8 4 0 mmAth OI V The other things held constan then act as shift factors or shift variables such that when they change the entire demand relationship is changed On the basis of intuition ie informed common experience we can surmise that the QUANTITY SUPPLIED of a good will depend inter alia on i the price of the good ii the prices of complementary and substitute goods in production iii the cost of inputs iv the number of potential sellers and V the technology of production vi assorted other effects Supply refers to the relationship between the Quantity Supplied of a good and the Price of that good given other things being equal ie for given values of ii through v above Supply can be represented as a table as an equation as a graph for the other things held constant B QE 0 0 QS 7 10 5 P de ned only for Q52 0 1 0 or P2715Qd 2 0 3 5 4 10 5 15 6 20 The other things held constant then act as shift factors or shift variables such that when they change the entire demand relationship is changed

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