Slide 1 Slide 2 Chapter 4 The Law of Demand Slide 3 What is Demand? Quantity demanded of a product or service is the number that would be bought by the public at a given…

Slide 1MBMC Supply and Demand: An Introduction Supply and Demand: An Introduction Slide 2 MBMC Copyright c 2007 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter…

Slide 1Questions on Demand, Supply, Price Slide 2 What is the law of demand states Slide 3 As price goes up, demand goes down and as price goes down, demand goes up. This…

Slide 1Scarcity Slide 2 Shortage Slide 3 Capital Slide 4 Physical capital Slide 5 Human capital Slide 6 Opportunity cost Slide 7 Standard of living Slide 8 Traditional economy…

Slide 1Individual & Market Demand Chapter 4 Slide 2 4 main topics related to Individual & Market Demand 1. Use the Rational Choice model Derive an individual’s…

Slide 1Most Important Micro Graphs Slide 2 Non-graph Concepts Comparative Advantage problems –Calculating opportunity costs –Calculating terms of trade Elasticity –Calculating…

Slide 1 Efficient Pricing using Non-linear Prices Assume – Strong natural monopoly => MC=P => deficit – Non-linear prices are at their disposal Slide 2 Example…

Slide 1 ECON6021 Microeconomic Analysis Consumption Theory II Slide 2 Topics covered 1.Price Change 2.Price Elasticities 3.Income Elasticities 4.Market Demand Slide 3 y A…

Slide 1 D S P Q Supply and Demand: An Introduction Supply and Demand: An Introduction Slide 2 Supply and Demand 2 Supply and Demand: How do consumers get the goods and services…

Slide 1 Unit 2 - Supply and Demand The Law of Demand Buyers of a product will purchase more of the product if its price is lower and vice versa, assuming all other things…