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ECO 302 (5)
Lecture

# ECO 302 Notes 9-4-13.docx

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School
University of Miami
Department
Economics
Course
ECO 302
Professor
Nicole Nelson
Semester
Fall

Description
Linear Demand and Supply Equations Equation of Straight Line • Y = mx + b o M: slope o B: y-intercept o X: independent variable o Y: dependent variable • Y = F(x)  Q = F(p) o P (price): independent variable o Q (quantity): dependent variable  Q = F^-1(p) Demand Equation • Qd = a – b*P • Qs = c + d*P o A, B, C, and D are constants (they take a fixed value) • Example o Qd = 10 – S 2*P o Qs = 5 + 3*P P • Solve for P* and Q* o Set Demand equation = Supply equation  A – B*P = C + D*P D
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