Class Notes (837,550)
United States (325,103)
Economics (213)
ECON-UA 1 (101)
Lecture

Day04
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Department
Economics
Course
ECON-UA 1
Professor
Marc Lieberman
Semester
Fall

Description
Day 4 262014Economic model has two types of variables1Exogenous variable determined outside of modeltreat it as a given dont try to explain it2Endogenous variable determined in the modelthe reason for building the modelPrice and quantity and endogenous variables all others are exogenousEquilibrium is a set of values for endogenous variables that wont change unless exogenous variable changes3 is the equilibrium price Q is Eequilibrium demand
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