ECO101H1 Lecture Notes - Demand Curve, Substitute Good, Economic Equilibrium

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14 Apr 2014
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ECO101H1 Full Course Notes
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ECO101H1 Full Course Notes
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: many buyers and seller, each of whom has no influence on market. Other things equal, the higher is the price of a good, the lower is the quantity demanded. Price of related goods. (substitutes [instead of] or complements[together]) Other things equal means: no change in: price of related goods b, preferences. Other things equal, the higher is the price of a good, the higher is the quantity supplied. Market supply curve: sum of firm supply curve (assumes there is a large number of firms, each of which can exert no influence on price) A change in quantity supplied is a movement along the supply curve. A change in supply (for a given price) is a shift in the supply curve. Sources of shifts include: number of firms, prices of inputs, technology. Market supply curve is sum of supply curves of individual firms (will study later, in detail.

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