FARE 1040 Lecture Notes - Lecture 7: Mazda Mx-5, Bayesian Probability, Demand Curve
13 Apr 2018
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> subs are subjective for people sports car story >> material things can be a need self-interest exchange transaction costs. The demand curve is a relationship that describes the quantity of something that a person will buy at. Fare le(cid:272)ture (cid:1011) (cid:862) upply a(cid:374)d de(cid:373)a(cid:374)d(cid:863) fe(cid:271)ruary (cid:1006), (cid:1006)(cid:1004)(cid:1005)(cid:1010) or anything else - universal >> time, energy, land, trees, water, money, info, knowledge. ~ tradeoffs - give something desirable in order to get something else desirable. ~ total vs marginal value and the water and diamond paradox*** probably on exam. > needs vs wants and the mazda miata different unit prices question changes, (preferences, expectations and perceptions would change) e. g. demand, quantity demanded, change in demand, change in quantity demanded. Elasticity general pattern for most scarce goods i. e. demand curves have a negative slope.
