Class Notes (834,756)
Canada (508,705)
Economics (1,590)
ECO100Y1 (438)
Jack Carr (32)
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Department
Economics
Course
ECO100Y1
Professor
Jack Carr
Semester
Fall

Description
Demand Supply and Market Price Competitive Market Many buyers and sellers each of whom has no influence on market price Example: coffee Law of Downward Sloping Demand Other things equal the higher is the price of the good, the lower is the quantity demanded Candy Bar Price Quantity Demanded 5 0 4 3 3 6 2 9 Individual demand curve (Jane) Market demand curve: sum of individual demand curves (at each possible price, sum the quantities demanded by each individual) 1. A change in quantity demanded (as the price of the good changes) is a movement along the demand curve 2. A change in demand (for a given price) is a shift in the demand curve 3. Sources of shifts in demand curves a. Prices of related goods i. Substitutes ii. Complements b. Income c. Preferences Substitutes instead of Example: tea and coffee Complements together Example: coffee and cream ECO20100927 www.notesolution.com
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