ECON 1B03 Lecture Notes - Lecture 3: P200, Normal Good, Inferior Good

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Econ 1b03 lecture 3: demand, supply and market equilibrium. Pretest already available online contact ia if you have any problems with that. Test: topics 1, 2, 3: will post a breakdown of the test on avenue by the weekend, both applied and theory questions. To write early write, need to submit request by friday: rooms will be posted close to the write time, probably tuesday. Price of good effects demand if price goes up, we tend to buy less and vice versa. Consumer incomes impact this the more you like something, you"ll buy more if you can afford it. Inferior good: something you don"t like, but you buy it because it"s what you can afford: can upgrade once you make more money, mr. noodles is inferior good, because you don"t want to buy it. Related goods: if the price of coke goes up, you"ll buy more pepsi. Complements: ground beef goes down, you"ll want more hamburgers increased demand for buns.

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