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Jan5th - Lec1.docx

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ECO1102MacroLecture 1 Demand CurveFor money for investment but with same conceptRelationship between price and quantity at that particular timeDemand curve is downward slopingoWhen price is high people dont want to buy as muchoWhen price is low people want to buy a lotExampleice cream cone price and demand fig 43 p74oIf consumer income increases consumers willing to buy more at any price so increase in demand right shift of the demand curveoSuppose price of frozen yogurt decreases people will buy less of ice cream at any price so decrease in demand left shift of the demand curveSupply CurveSame as demand curve but on the buyers sideExpresses the relationship between price and quantity suppliedRelationship between Quantity Supplied and PriceLaw of supplyall other things equal the quantity supplied of a good goes up as the price goes upSupply curve is upward slopingShifts in the Supply CurveConcept same
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