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ECON 103 (100)
Chapter 5

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ECON 103
Iryna Dudnyk

Econ 103 Chapter 5 notes -What causes a change in demand: -Changes in tastes -Changes in income -when income goes up, the demand may or may not go up depending on the type of good -normal goods: when income increases, demand for normal goods increases (e.g. tex-mex brand cheese) -inferior goods: when income increases the demand for inferior goods decreases (e.g. no-name brand cheese) -Changes in other prices -Also depends on the nature of the good -Substitute goods: when the price of good 2 increases the demand for good 1 also increases (Price of nutella increases, demand for peanut butter increases) -Complement goods: when the price of good 2 increases the demand for good 1 decreases (milk and cereal) -Changes in quantity demanded result from changes in the relative price. -Own price elasticity (point elasticity): -measures the percentage c
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