Textbook Notes (369,082)
Canada (162,376)
Economics (294)
ECON 103 (100)
Chapter 4

Econ 103 Chapter 4 notes.doc

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Department
Economics
Course Code
ECON 103
Professor
Iryna Dudnyk

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Econ 103 Chapter 4 notes The law of demand -Diminishing Marginal Value = -the more you have of anything, the less you are willing to give up to get more of it. -the maximum one is willing to sacrifice at the margin for a good, per unit of time, declines the more one has of that good - other things held constant. -Economic decisions depend on real income and relative prices. -Real income in terms of how much of a specific good you can buy = M(nominal income) / P (price le
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