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ECON 1050 (117)
Lecture

Decision Trees, Modeling the Producer

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Department
Economics
Course
ECON 1050
Professor
Bryce Mc Bride
Semester
Fall

Description
Lecture September 24September 24 2013253 PMEverything else being equal weather income ect If the price changes the demand changesIf price goes down quantity demanded goes up in an equal amountBut if something else changes weather income tastes ect the quantity demanded increases even though the price remains the sameAt every price there is a new demandWe can only express the change by shifting the demand curve Decision Trees present questions and answers and solutionsAsk yourself a question answer it follow to next question if needed until solution is reached Is it a simple price change YES then move along the demand curve to the new price NO then you need to shift the curve
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