ECON-UA 2 Lecture Notes - Lecture 2: Ceteris Paribus, Imperfect Competition, Demand Curve
5 Sep 2016
School
Department
Course
Professor
Document Summary
Market | collection of buyers (demanders) and sellers (suppliers) who trade good and services at a price. Demand | quantity demanded (q) | amount of goods/ service all buyers decide to choose during a specific time given specific constraints demand is hypothetical (depends on price) Quantity demanded | amount of good/service all buyers decide to choose during a period of time in a given time a relationship between p and amount of a good/service demanded @ each p. Q=f (p, income, tastes, p of other goods) hold constant https://www. evernote. com/shard/s234/sh/d2bdb8bd-8a66-40fe-94fa-2500625861d8/42808cccb04ea385. Q=f (p, income, tastes, p of other goods) hold constant. Law of demand | the inverse relationship between p and q. Demand schedule | list of q demanded at each p ceteris paribus. Increasing demand (price doesn"t change, but one of the other factors increases) resulting in the shift of the curve. *demand refers to the whole curve (whole curve is shifted)
