# ECO349H5 Lecture Notes - Lecture 2: Price Ceiling, Demand Curve, Economic Equilibrium

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15 May 2017
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## Document Summary

If the law of demand applies to apple, because the price of apple increase, the quantity demand of apple _____ . Q: if the law of supply applies to coffee, because of the price of coffee decrease, the quantity supply of coffee will ____ . Increase in the price of x will lead to price and quantity of y to increase, x and y is _____ Demand curve for x is d=12-2p, demand curve for b is d=18-3p. Q: supply curve for x is s=12+3p, supply curve for b is s=15+2p. Per-unit tax is most favorable to buyers when supply is ____ and demand is _______ Q: per unit subsidy is least favorable to buyers when supply is ___ and demand is _____ D=120-2p, s=2p-40, then government say no one pays more than to get this product. Will price ceiling always increase consumer surplus? after. L=80-w, l=2w-40, find the equilibrium then minimum wage=.