ECO100Y5 Study Guide - Final Guide: Marginal Utility, Demand Curve, Horse Length

570 views33 pages
School
Department
Course
Professor
sophiapham192 and 37296 others unlocked
ECO100Y5 Full Course Notes
53
ECO100Y5 Full Course Notes
Verified Note
53 documents

Document Summary

Week 1 equilibrium: buyers and sellers, demand, supply, shortages and surpluses equilibrate buyers and sellers, statics depend on slopes, other prices. Eqbm: p=qd=qs(helps balance demand) i. e. 12 2p=2p 4: 16=4p, p=4, qd=12 2(4)=4, qs=2(4) 4=4. These goods are: substitutes in consumption, complements in consumption, substitutes in production is the correct answer, complements in production, equal to zero, less than 1, equal to 1, greater than 1 is the correct answer, none of these. This means supply in region a is more elastic: supply curves in quebec and ontario have the same vertical intercept but the supply in quebec, true is the correct answer, false, true, false is the correct answer is more elastic, true, false is the correct answer, supply curves in quebec and ontario have the same slope but the supply curve in quebec has a bigger horizontal intercept.