Class Notes (837,445)
Canada (510,273)
Economics (1,590)
ECO100Y1 (438)
Lecture

eco lec

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Department
Economics
Course
ECO100Y1
Professor
James Pesando
Semester
Fall

Description
26092011Demand Supply and Market PriceCompetitive MarketMany buyers and sellers each of who has no influence on market priceEx CoffeeLaw of Downward Sloping DemandOther things equal the higher is price of a good the lower is the quantity demandedPrice Quantity Demanded5043Candy Bars3629Market Demand Curve Sum of individual demand curves at each possible price sun the quantities demanded by each individualA change in quantity demanded as the price of the good changes is a movement along the demand curveA change in demand for a given price is a shift in the demand curve Sources of shifts in demand curvesaPrice of related goodsiSubstitutesiiComplementsbIncomecPreferences
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