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Learning Study Soup

by: Kelsy Lartius

Learning Study Soup

Marketplace > University of Iowa > Learning Study Soup
Kelsy Lartius
GPA 3.43

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This 11 page Reader was uploaded by Kelsy Lartius on Tuesday January 27, 2015. The Reader belongs to a course at University of Iowa taught by a professor in Fall. Since its upload, it has received 30 views.


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Date Created: 01/27/15
22 Lecture Notes Change in Demand con39t 3 Change in income A Normal Good consumer39s income increases gt demand increases decreases gt D decreases P dgt New 0 0 Q B Inferior Good income increases gt demand decreases income decreases gt demand increases i TgtlD 4 Change in the price of another related good P f A Substitute goods increases in price of good x gt increase in demand for good y TPX 7 x snowboards gt D 9 G of skis B Complement goods increase in price of good x 2 decrease in demand for good y T PX T D l x skibooots y skis o D Qof skis 5 Change in the expected price I P e l D Q Supply quotproducer or firm39s behaviorquot Supplyrelationship TQS S LQS F 5 Change in Quantity Supplied P 6 only due to a change in the price of the good 7 being produced supplied Q Change in Supply shifting the supply curve 1 of firms increase in of firms gt increase in supply P 39 5 3 increase in of firms entry a decrease in of firms exit F G 2 Changes in Resource Input Prices increase in wages gt increase in firm39s cost gt decrease in supply 5 3 Technology Innovation increase in tech gt decrease in production costs gt increase in supply V S g gt L Q 4 Prices of Other Goods Produced by the Firm increase in price of good a gt decrease in supply of good b TPA l g 4 Sr 53 A J 00F300Jx A 5 Change in Expected Prices f r 9 3 e 4a 7 B 24 Lecture Notes Market Equilibrium W Qor Mm 0 am 5 where 1 1 OS at Nola Marina Qobmiiibrmm remnhlrxj S amp lkmrk eo dkbrM Vice is VAL N R 5 er a a 1mm mark pv xu Vi 395 veoAcv 4Mma Qaumliiorlm Prim Pquot Hn39s Vast ux m w What if Current price P2 lt market equilibrium price P r l 5 Al P11 sWitty 02 05 P34 V quot lFhewrm wit 419 s HM kaa39t ch Shortage lL QZD Q Z Chanqe in the market equilibrium 1 Determine whether to shift the demand curve the supply curve or both 2 Which direction does the curves shift 3 Use the supply and demand model to find the new equilibrium price and equilibrium quantity 1 Change in Demand only A Increase in demand B Decrease in demand 2 Change in Supply only A increase in supply P VF Pee B Decrease in supply JSLO YP 26 Lecture Notes 3 Change in Both Demand and Supply Simultaneously A Increase in both demand and supply C Increase in demand and decrease in supply VMSewm Solve for P and 0 with a demand and supply equation Q SUD SP gom Pquot ea Q of Q5 2P 00 Swap 2P too 00 a 57 77p 9 9 580 2 80m Jaw a we W me am 9 as D quot 1 Q 500 SW DD QKDD QS MW Lab DD SWWW I 61 quot HBD SP lammm NH W 3 zvLao 9 aw 7 UBD SP z 400 W D JP 94 7 7 d 7D Q Kizcev r W GD 5005 23 ZPZS gt SWN SWHS Y 3 ch 942 2 SUDSPrzP zs jzw P 475 39 7 7 gt a 15 Sm msci Qv j 5P L1H QQZP25 4er 5H amp 05 a quot790 5 929 19 5515 W Sb 5 WADquot


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