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ECON 1000 (397)
Chapter 1-4

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Department
Economics
Course
ECON 1000
Professor
Ardeshir Noordeh
Semester
Fall

Description
Supply Income Elasticity  of  OC= 2 cars Demand and Supply curves Absolute advantage Elasticity Demand and Supply curves Demand Slope ­ negative P   Q   ­ Law of demand SlopeElasticitye P   Q   ­ Law of supply CrossProduction Possibilities Frontier Positivelrelatedes are NOT  Negative Slope = Opportunity Costs identical  <1 MovementPPF – “bowed­up shape”, concave  Movement to the origin. This illustrates  •Exy1 (normal good; income elastic) increasing OC. •0Exyinferior good) resources are identical 1 The closer the substitutes for a good or  2 The greater the proportion of income  service, the more elastic is the demand for itCarpent on a good, the more elastic is the  demand for it. TR=   P * Q TR=   P * Q 3 The longer the time that has elapsed since a price change, the more elastic is demand. Price constants Many substitute1. Incomers of SHIFT in Supply: o Necessities  • 1. Change in Technology – Sd (food)  Shift Supply • 2. I   =   Q   ­ inferior goodtion  o Addictive  2. Change in Price of related goods:  1 Resour
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