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ECON 2000 Lecture Notes - Lecture 3: Marginal Utility, Demand Curve, Economic Equilibrium

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2 Aug 2015
School
LSU
Department
Economics
Course
ECON 2000
Professor
Wang, Ting

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Document Summary

Outline: firms and households: the basic decision-making units, input markets and output markets: the circular flow, demand in product/output markets. Changes in quantity demanded versus changes in demand, Price and quantity demanded: the law of demand, other. Determinants of household demand, shift of demand versus. Movement along the demand curve, from household demand to. Price and quantity supplied: the law of supply, other. Determinants of supply, shift of supply versus movement along the. Supply curve, from individual supply to market supply: market equilibrium. Excess demand, excess supply, changes in equilibrium: demand and supply in product markets: a review, looking ahead: markets and the allocation of resources, firms and households: the basic decision-making units. An organization that transforms resources (inputs) into products (outputs) Firms are the primary producing units in a market economy. Most firms exist to make a profit for their owners.

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Related Questions

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.).

Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?