ECON 2010 Chapter : Econ2010 Ch16
Document Summary
1/30/2013 4:28:00 pm: buyers" side of market: demand, 1. Income: affects the ability to pay for the good or service, b. Change in quantity demanded: movement along curve: b. Definition the ability and willingness to sell a good or service at various prices: 2. Not to be confused with quantity supplied a specific amount willing and able to be sold at a specific price: 3. Price of good (+: qs=f(p) directly proportional, link with reservation price the minimum price at which you"d be willing and able to sell the good, 4. Cost of labor (i. e. , wages, benefits) (-: cost of labor goes up, less for the seller in the end, indirectly proportional, b. You expect the price of real estate goes up next year, you will hesitate to sell your property until next year. Indirectly proportional: e. number of sellers (+, more sellers, supply goes up, directly proportional, 5. Change in quantity supplied: movement along curve: b.
