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ECON UN1105 Study Guide - Midterm Guide: Demand Curve, Marginal Cost, Root Mean Square

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goldwasp261
19 Apr 2020
School
Columbia University
Department
Economics
Course
ECON UN1105
Professor
Sunil Gulati

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Document Summary

>any change in the factors that in uence demand (except for a price change) cause the demand curve to shift left or right. >any change in the factors that in uence supply (except for a price change) cause the supply curve to shift left or right: what in uences demand, price of product, personal preferences (ex: preferring iphone over. Samsung): income >whether you can afford a good, price expectations >if you expect there to be a sale tomorrow, price of related goods: >price of complements: goods used in conjunction with the phone (ex: charger). When is the best time to release the product: number of other sellers (competitors), taxes, choke price of supply: no rms nd it a good idea to supply (bc the price they will have to sell at is too low (?)).

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Related Questions

 
When quantity demanded decreases in response to a change in price: 
 
(i) the demand curve shifts to the right.
(ii) the demand curve shifts to the left.
(iii) there is a movement down along the demand curve.
(iv) there is a movement up along the demand curve.
(v) the supply curve shifts to the right.

: Do the following cause a change in demand (shift in demand curve), change in supply (shift in supply curve), change in quantity demanded (movement along demand curve) or change in quantity supplied (movement along supply curve)?

1) The market for Aquafina water. The price of Dasani increases.

2) The market for ground beef. The price of cow-feed increases

. 3) The market for hamburger patties. The price of hamburger buns decreases.

4) The market for pistols. Republicans fear that a democratic president will initiate new gun control laws making it more difficult to purchase guns.

6. The primary difference between a change in supply and a change in the quantity supplied is that: A) a change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve. B) both a change in quantity supplied and a change in supply are movements along the supply curve, only in different directions. C) a change in supply is related to the supply curve, while a change in quantity supplied is related to shifts in the demand curve that elicit a change in supply. D) a change in supply is a movement along the supply curve, while a change in quantity supplied is a shift in the supply curve.