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Lecture 5

ECON 22060 Lecture 5: Micro Notes 5

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ECON 22060
Thomas Sahajdack

Microeconomics 2/7 Shift effects of demand Shift effects of supply Preferences price of inputs (factors of production) Income Returned from alternative uses (prices of related goods) Other goods prices Technology Expectations Seller’s expectations Demographics Natural events Number of sellers HOW DO MARKETS REACH EQUILIBRIUM? Market Equilibrium- Where supply CROSSES demand P Surplus S P Shortage D Qs If you lower the price, more ppl want to buy If you lower it too much, too many people buy it for not enough money If equilibrium is STABLE, how can markets CHANGE? The price that is “in equilibrium” for water will never be the same forever We’ve spent over a trillion dollars of trying to stop the “war on drugs” Certeris paribus- LATIN for “all else equal” Hold everything else constant e
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