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Lecture 2, Chapter 3-Supply and Demand

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BUSI 2050U
Ashfakuddin Rubel

Chapter 3 Supply and Demand Limited resources: time $$$ X axis is usually the price and the y axis is usually the quantity Lower price higher the demand and vice versa The lower price and demand higher is known as a demand curve A change in demand DOES NOT = a change in quantity demand Change in demand usually reflects in the x-axis Change is supply/quantity demand reflects in the in the demand curve Change to the right /\ in demand change in the left \/ in demand Insert graph 2 types of curves: substitute and Complements Substitute- Two goods are substitutes if a decrease in the price of one leads to a decrease in demand for the other (or vice versa). Eg: Coke price goes up Pepsi demand goes up Complements- Two goods are complements if a decrease in the price of one good leads to an increase in the demand for the other (or vice versa). Eg: Consumers often have to buy goods together. An increase in price of gasoline will decrease the demand for SUVs. Changes in taste in terms of season will predict the effects on demand. Changes in Expectations - If consume
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