ECON 101 Lecture Notes - Takers, Median Lethal Dose, Demand Curve
Document Summary
A mkt want consumers in maximize to several constraints including limited preferences of products the prices to happiness income their subject own. We assume that consumers are also price takers. D price of product prices of related products income preferences tastes of demanders expected future income future expected prices. Prices of related products complement product you like to consume w the product we focus on ex smokes joe are. Substitute products product consume you he focus on sub a smoothie is ex. Income complements instead of the for joe normal products the demand for these rises as income goes up inferior products the demand goes up income for these falls as ex storteny rice potatoes. Note as incase of a variable in the demand function of shift supply function every change in price except the demand curve the product itself will the the.
