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Lecture

ECON 2030 Economic Principles Chapter 4

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Department
Economics
Course
ECON 2030
Professor
All Professors
Semester
Fall

Description
vTODAYS MENUThursday 12 June 2014IBUSINESSAPractice Problems1Chapter 43 4 6 7 1019 21BFirst Exam Next TuesdayIISUBSTANCEABuyers side of marketDemand1Demand willingness and ability to purchase a good or service at various prices Specific price of the good does not matter You may want a Rolls Royce but dont demand it because you dont have the ability to buy it 2Not to be confused with Quantity Demanded specific amount that is willing and able to be purchased at a specific price 3Determinant of Quantity Demanded Causal relationship between quantity demanded and the price aPrice of good inverse relationshipiLink with Reservation Price 1Buyer Reservation Price highest price the buyer is willing and able to pay2Seller Reservation Price lowest price the seller is willing to sell at4Determinants of Dem
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