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Lecture

Oct.3, 2013.docx

2 Pages
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Department
Economics
Course Code
ECO1104
Professor
David Gray

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ECO1104 B Oct. 3 , 2013 YUJIE YI #7038840 ILLUSTRATIONS  What if technology improves, which is usually the case? (micro-computers) - It will increase PRODUCTIVITY - Productivity is input related to output, and is usually expressed in terms of output per hour of labour - Production costs fall - At each possible price, they are willing to supply more services than before - Supply increases, or rises, and S shifts to the right  What if there is an increase in selling price? - Crude oil price have been quite volatile lately given world events - Move up and along the S curve when they rise  For current producers of oil - S curve for any producer who uses oil will shift up and to the left SUPERIMPOSITION OF S & D  So far, we only know about Qd and Qs at a range of possible prices. What about the actual price that prevails?  Need to examine both the supply side and the demand side of the market - Quote ofAlfred Marshall (father
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