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ECON 2150 – CHAP 2.docx

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Department
Economics
Course
Economics 2150A/B
Professor
Irene Trela
Semester
Fall

Description
ECON 2150 – DEMAND AND SUPPLY ANALYSIS 2.1 Demand, Supply, Market Equil  Perfectly comp  identical product at market price  Market characterized: commodity – product bought and sold, geo, time Demand Curve  Market demand curve  shows quan of good consumers buy at diff prices  Derived demand  demand derived from production and sale of other goods  Eg. high fructose corn syrup derived from demand of soft drinks  Direct demand  desire of buyers to directly consume good itself  Law of demand  inverse relationsh
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