1.CASE STUDY Two ways to reduce the quantity of smoking demanded: -- Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of…

Review of the previous Lecture Economists use the model of supply and demand to analyze competitive markets. In a competitive market, there are many buyers and sellers, each…

Slide 1 Supply and Demand Pricing and Market Equilibrium © 2002 by Nelson, a division of Thomson Canada Limited Slide 2 Mankiw et al.: Principles of Microeconomics, 2nd…

Slide 1 Copyright © 2004 South-Western SUPPLY Quantity supplied is the amount of a good that sellers are willing and able to sell. Law of Supply The law of supply states…

Slide 1 Ch. 6 -Market Equilibrium Slide 2 Agenda- 11/10 1. Finish Ch. 6 Lecture (RS) 2. Ch. 6 Book Assignment (LS) 3. HW: Test and Notebooks Friday Slide 3 SUPPLY AND DEMAND…

Slide 1 Chapter 4: Market Equilibrium Demand & Supply Together Slide 2 Bringing Supply and Demand Together How is the price of a good determined? –The market forces…

CASE STUDY Two ways to reduce the quantity of smoking demanded: -- Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette…

PowerPoint Presentation ECON 114 Important Notes and Review W2013-14 Term 2 FIGURE 2.1: The Circular Flow MARKET OF CONSUMPTION MARKET OF PRODUCTION 2 Positive versus Normative…

4 The Market Forces of Supply and Demand MARKETS AND COMPETITION Buyers determine demand. Sellers determine supply DEMAND Quantity demanded is the amount of a good that buyers…