Class Notes (836,517)
Canada (509,851)
Economics (1,590)
ECO101H1 (575)
Lecture

Topic 3 - Demand Supply and Market Price 1. The Demand Curve -- Law of Downward-Sloping Demand; -- Market vs. Individual Demand Curve; -- Movement Along vs. Shift; 2. The Supply Curve -- Law of Upward-Sloping Supply; -- Market vs. Firm Suppl

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Department
Economics
Course
ECO101H1
Professor
James Pesando
Semester
Fall

Description
Topic 3Demand Supply and the Market Price thWeek three Sep 27 Outline1 The Demand CurveLaw of DownwardSloping DemandMarket vs Individual Demand CurveMovement Along vs Shift2 The Supply CurveLaw of UpwardSloping SupplyMarket vs Firm Supply CurveMovement Along vs Shift3 Equilibrium Price Quantity in Competitive MarketHow Equilibrium is DeterminedExamples The Demand Curve Competitive market many buyers and sellers each of who has no influence on market price eg coffee1 Law of DownwardSloping Demand Other things equal the higher is the price of the good the lower is the quantity demanded Individual Demand Price Quantity Price Demanded 5 0 54 3 3 6 2 2 9 9 Quantity Demanded 2 Market Demand Curve The sum of individual demand curve at each possible price sum of the quantities demanded by each individualJanes individual demandJohns individual demand Market demand Price Price Price3 3 36Quantity Demanded3 Quantity Demanded9 Quantity Demanded ECO100Y1PesandoNotes edited by Eva Wu
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