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ECON 1P91 (61)
Lecture

Chapter 3 - Class #3 (Check for Diagrams)

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Department
Economics
Course
ECON 1P91
Professor
Professor Cottrel
Semester
Fall

Description
Class 2 Chapter 3 Sept 15 2011Demand and SupplyDemandSupply schedules curvesgraphsDeterminants of Demand and SupplyChanges in Quantity Demanded and Quantity SuppliedMarket EquilibriumRelative Priceratio of one price to anotheropportunity cost ConsumersDemandconsumers willing to purchaseat various market pricesat any given period of timeDemand CurveInverse relationship between Price and QuantityAs Qup marginal benet of extra unit falls PdownQuantity DemandedAmounttimeParticular priceCeteris Paribus all other things being equalDemand CurveDownward slopingInverse relationship between Price and QuantityEquation of a Straight LineYmXbDemand CurveP2Qd47Inverse DemandSlopeInterceptAlso Q6D23505PMarket for Yoga MatsRefer to Diagram 1Yaxis interceptwhen Q0 P47Xaxis interceptwhen P0 Q235
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