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Lecture

1BB3 Notes 9.docx

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Winter

Description
Lecture # 9 Macroeconomics 1BB3 Date: 26/09/2012 Why is Gasoline typically more expensive during the summer? People tend to have more vocation "stock variable" is a variable measurable at one particular time (wealth) "flow variable" is a variable measured after a prolonged amount of time retros epecting spending in the past "x" amount of time (income). Equilibrium • Equilibrium price: the price for which Q^s = Q^d • Equilibrium quantity: the quantity that corresponds to equilibrium price. • If Qs > Qd, there is
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