ECO 1001 Lecture Notes - Lecture 2: Import Quota, Peanut Butter, Demand Curve
16 Nov 2016
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The demand schedule shows the various amounts of a product consumers are willing and able to purchase at each price in a series of possible prices during a specified period of time. As price falls, the quantity demanded rises; or as price increases, the corresponding quantity demanded falls. Change in demand versus change in quantity demanded. Shifts in the demand curve demand more or less of the good at every price. The supply schedule shows the various amounts of a product producers are willing and able to sell at each price in a series of possible prices during a specified period of time. Producers will produce and sell more of their product at a high price than at a low price. There is a direct relationship between price and quantity supplied. Change in supply versus change in quantity supply. Describe and illustrate the effect on equilibrium price and quantity in the market for coffee:
