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Chapter 3

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University of Toronto Mississauga

Chapter 3 - Demand, Supply, and Price September-13-12 12:47 AM What is quantity demanded? What are two important concepts about quantity demanded? What are some variables that influence the amount of some product that consumers in a relevant market want to buy in a given time period? Relationship b/w quantity demanded of a product and its price Why does this relationship seem reasonable? •Quantity demanded of a product - amount of a good/service that consumers want to buy during some time period •Quantity demanded - desired purchases •Quantity bought/Quantity exchanged - actual purchases •Two important things about this concept: desired quantity and flow of purchases o Desired quantity is the amount that consumers want to buy when faced with a particular price of the product, other product's prices, their own incomes, their own tastes, etc o If not enough quantity is available, the amount that consumers want to buy can exceed the amount that they actually buy •Example: Standing in line to buy tickets to a show, only to realize that the tickets are sold out before you get to the front of the line o Flow of purchases can refer to 1 million units per day, 7 million units per week, etc
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