Embed Size px x x x x Post on Dec views. Category: Documents 2 download. Slide 4 Figure 1 Catherines Demand Schedule and Demand Curve The demand curve is a graph of the relationship between the price of a good and the quantity demanded.
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Embed Size px x x x x Post on Dec views. Category: Documents 2 download. Slide 4 Figure 1 Catherines Demand Schedule and Demand Curve The demand curve is a graph of the relationship between the price of a good and the quantity demanded. A decrease in price Slide 6 Market Demand versus Individual Demand Market demand refers to the sum of all individual demands for a particular good or service. Graphically, individual demand curves are summed horizontally to obtain the market demand curve.
Slide 7 The Demand curve shows the relation between price and quantity demanded holding other things constant Other things include: the price of related goods consumer incomes consumer preferences Changes in these other things affect the position of the demand curve 6 D Quantity Price Slide 8 Prices of related goods and Effect on Demand Substitute Goods: coffee for tea; train ride for driving your own auto; coal for natural gas If Price of coffee increases then Demand for tea increases Complimentary Goods: tea and sugar; coffee and milk; gas and car; coal and coal heaters If Price of gas increases, then Demand for automobiles decreases 7 Slide 9 Effect of Consumer Income on Demand: Normal Goods versus Inferior Goods Normal Goods: For normal goods, demand increases when consumer income increases.
Most goods are normal goods. Inferior Goods: For inferior goods, demand decreases when consumer income increases. Second-hand cars, second-hand clothing, bus rides versus driving your own auto or cab rides 8 Slide 10 Bens Supply Schedule The supply schedule is a table that shows the relationship between the price of the good and the quantity supplied.
Slide 11 Figure 5 Bens Supply Schedule and Supply Curve The supply curve is the graph of the relationship between the price of a good and the quantity supplied.
An increase in price Slide 12 Market Supply versus Individual Supply Market supply refers to the sum of all individual supplies for all sellers of a particular good or service.
Graphically, individual supply curves are summed horizontally to obtain the market supply curve. If price stayed at P 0 there would be excess supply.
ISBN 13: 9788320814354
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