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Lecture 5

Econ 105 Lecture 5 Jan 21st.doc

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Department
Economics
Course
ECON 105
Professor
Brian Krauth
Semester
Winter

Description
Econ 105 Lecture 5 Jan 21st -Equilibrium = the price at which the supply and demand are equal -Equilibrium price is where the supply curve and demand curve meet at the same point. -Law of supply : supply slopes up -Law of demand : Demand slopes down - Law of supply and demand : the actual price and quantity will be the equilibrium -Dynamics: ******see notebook for graph****** ( 1 ) Comparative statics: This is a fancy phrase meaning "what happens when something changes?" Consider the market for flowers in mid February. ******see notebook for graph****** ( 2
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