ECON 103 Lecture Notes - Lecture 5: Baby Food, Nelson Bunker Hunt, Demand Curve
30 Jan 2018
School
Department
Course
Professor
Document Summary
The law of demand: the law of demand is the most powerful idea in social science, we can graph a demand curve: Discrete versus continuous variables: technical digression cont, technical digression cont, the answer . Applications of demand: 1) the distinction between mv and tv. There is an inverse relationship between tv and mv: tv vs. mv cont. The diamond/gas paradox: tv vs. mv cont. Hey dad, what is your favorite _____ : 2) obvious examples of the law of demand. Cell phone plans and free minutes: 3) less obvious examples of the law of demand. Cremation increased 3-30% in last 25 years. In france accidents increase in presidential years. Legalized abortion more abortions: 3) less obvious examples of the law of demand, cont. Working women have fewer children, closer together. Smoking decreases with increased life expectancy: can you think of any exceptions to the. Since wwii all prices have increased, but more consumed.
