ECON 1000 Chapter : ECON - Lecture #5 Efficiency and Equity Notes.doc

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: Steven Edwards

Document Summary

Sharing equally, lottery, personal characteristics, and force: how does each method work, people who are willing and able to attain product get the price, those that choose not to pay, those that can afford but choose not to buy, and those in a financial position that does not allow them to purchase, not critical to those who can afford but resource allocation, fairness and efficiency. Demand curve is a marginal benefit curve: relationship between price of a good and the quantity demanded by one person is called individual demand, relationship between price of a good and the qd by all buyers in the market is called market demand, from individual demand curves we can combine and create a market demand curve, lisa is wiling to buy 30 slices at a , nick is willing to buy 10 slices at a , the quantity demanded by all buyers in the market is 40 slices at per slice.