Class Notes (836,148)
Canada (509,657)
Economics (1,617)
ECON 1BB3 (535)
Lecture 8

lecture eight

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

Description
Why is gasoline typically more expensive in the summer Equilibrium sdy Equilibrium price the price for which QQ y Equilibrium quantity the quantity that corresponds to equilibrium price P S P1 Q1 D Qsdy If QQ there is a surplus y Stocks build up and firms decrease price until equilibrium is restored sdy If Q Q there is a shortage y People line up firms increase price and sell more until equilibrium is restored Three step program for analyzi
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