The Elasticity of Demand Elasticity Measure of the responsiveness of quantity demanded or quantity supplied To a change in one of its determinants Price elasticity of demand…

Markets What is a market? markets are places where 1 or more buyers and 1 or more sellers come together ex: swap meet, stock market, grocery store, E-Bay good is a tangible…

Who Demand? YOU Demand! The obligatory vocabulary. Demand microeconomics demand schedule demand curve Law of Demand market demand curve marginal utility diminishing marginal…

WHAT IS DEMAND? Demand: 1)The desire to own something AND 2) the ability to pay for it When we talk about demand, we are referring to the activities of the consumer! THE…

Demand How much will you pay for my ipod? (Reference 3.1 and 3.2 ) Fans often complain that athletes get paid too much money and that these higher salaries lead to higher…

Total revenue (TR) TR = P x Q TR and Ed are related If TR changes in the opposite direction from price, demand is elastic If TR changes in the same direction from price,…

Markets Chapter 3-5 What is a market? markets are places where 1 or more buyers and 1 or more sellers come together ex: swap meet, stock market, grocery store, E-Bay good…

Fourth Edition R. GLENN HUBBARD Macroeconomics FOURTH EDITION ANTHONY PATRICK OâBRIEN Chapter Outline and Learning Objectives CHAPTER 3 3.1 The Demand Side of the Market…