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Chapter 4

Chapter 4 - ECN104 - Eric Kam - Lecture Notes.docx

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Department
Economics
Course
ECN 104
Professor
Eric Kam
Semester
Fall

Description
ECN104 CHAPTER 4 LECTURE NOTES  Quantity Demanded is an amount  Demand is a law, a relationship  Law of Demand: If Price goes up, quantity demanded goes down. If price goes down, quantity demanded goes up  Demand line is negative inverse downward sloping  The only thing that causes a movement along a curve (change in quantity demanded) is a change in PRICE  Demand curve shifters: # buyers, income, prices of related goods, tastes, expectations o Income:  A normal good is a good that is positively related to income  An Inferior good is negatively related to income (If I made more money I would buy less of that good to buy other better goods. Ex: Instant noodles) o Prices of Related Goods:  Substitute: Something never used together Ex: Coke and Pepsi  An increase in the price of coke, the demand of Pepsi increases shifting the curve to the right  Complements: goods that are related to each other Ex: Meat and hamburgers  An in
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