Textbook Notes (369,067)
United States (206,185)
Economics (70)
ECON 2030 (5)
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Chapter 5

ECON 2030 Economic Principles Chapter 5 to 6

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Department
Economics
Course Code
ECON 2030
Professor
All

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TODAYS MENUMonday 16 June 2014IBUSINESSAPractice Problems1Chapter 51 2 4 5 7 8 102Chapter 614 710 12 14 1820BFirst Exam Next timeIISUBSTANCEAPrice controls1Price ceiling Maximum allowable priceaBindingie effective Changes the outcome bNonbindingie ineffective Has no effect 8cExamples2Price floor Minimum allowable price aBindingie effectivebNonbindingie ineffectivecExamplesBElasticity responsiveness of behavior of buyers and sellers in response to outside factors Action and reaction Cause and effect What change in demand does a change in price facilitate 1Motivation2Price elasticity of demandaDefinition How sensitive are buyers to a change in pricebMeasureiElastic reaction is greater than the c
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