ECO105Y1 Study Guide - Final Guide: Canadian Nuclear Safety Commission, Monetary Transmission Mechanism, Resource Depletion
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The only thing that changes is price which impact qd & qs (movement along the demand/supply curve line) If other factors change do not remain. Constant law of demand and supply do not hold true. Price of inputs * s costs more to produce. Price of related products s (produced with same inputs) eg. fall in $ nails will increase supply piercings. Expected future prices s hold off until $ * price of inputs (cost of labour, hydro) Complements $ d (price of gas goes up d for big cars goes down) ( of hot dogs goes down d for buns goes up) Demand changes with consumers" willingness & ability to pay depends on cost and availability of substitutes. Preference also plays a role in terms of how badly you want something (intensity). Demand is changed by other influences (above) on consumer choice changes with preference, income, expected future price, number of consumers and prices of related goods.
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