Textbook Notes (368,097)
Canada (161,640)
York University (12,801)
Economics (1,011)
ECON 2000 (85)
Chapter 5

Chapter 5 ECON 2000.docx

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Department
Economics
Course
ECON 2000
Professor
Irene Henriques
Semester
Fall

Description
Chapter 5lecture 8 The relationship between the price of a good and the quantity demandedBy one person is the individual demandBy all buyers is the market demand Efficiency Goal that economists pay attention tooProducing with minimum wasteResults when markets work wellResources are allocated efficiently when they are used in ways that people value most highly EquityfairnessValuewhat consumers willing to pay what we get Pricewhat consumers pay Demand Curve is a marginal benefits curveConsumer surplusvalue of a goodprice triangular area under the demand curve but above the market price Resources may be allocated
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