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ECON 1901 Lecture Notes - Demand Curve, Normal Good, Economic Surplus

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magentaelk985
16 Mar 2014
School
Temple University
Department
Economics
Course
ECON 1901
Professor
Nathan Blascak

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Document Summary

Changes in demand- what causes us to change the amount of stuff we want to buy: change in quantity demanded. Change in price causes a change in qd(movement along the demand curve: change in demand. This will cause a shift in the demand curve. 2 main relationships: substitute good- a good that can be used in place of another good. Suppose there are two good i. if the price of good one increases then the demand for good two increases b. complimentary goods- a good used in conjunction w/another. If the price of good one goes up, the demand for good two will go down.

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Related Questions

Which of the following is true regarding the​ price-demand relationship?

1. Other factors affecting demand remaining constant, if the price of a good increases its quantity demanded will fall.

2. Change in the price of the good can alone shift its demand curve.

The substitution effect of a price change refers to
A) the change in quantity demanded that results from a change in price making a good more
or less expensive relative to other goods that are substitutes.
B) the shift of a demand curve when the price of a substitute good changes.
C) the movement along the demand curve due to a change in purchasing power brought
about by the price change.
D) the shift in the demand curve due to a change in purchasing power brought about by the
price change.

: Do the following cause a change in demand (shift in demand curve), change in supply (shift in supply curve), change in quantity demanded (movement along demand curve) or change in quantity supplied (movement along supply curve)?

1) The market for Aquafina water. The price of Dasani increases.

2) The market for ground beef. The price of cow-feed increases

. 3) The market for hamburger patties. The price of hamburger buns decreases.

4) The market for pistols. Republicans fear that a democratic president will initiate new gun control laws making it more difficult to purchase guns.