UNIT 2 Microeconomics I Demand is the relationship between price and the amount that consumers are willing and able to purchase at various prices in a given period of time.…
1. If the supply curve shifts and the demand curve does not shift, A) The old and new price-quantity combinations lie on the original demand curve. B) The old and new price-quantity…
Slide 1 Chapter 3 Supply, Demand, and Price Slide 2 Determinates of Demand Income –Normal good –Inferior good Preferences Prices of Related Goods –Substitutes –Compliments…
Slide 1 ECON 1001 AB Introduction to Economics I Dr. Ka-fu WONG Last week of tutorial sessions KKL 925, KKL 1010, K812, KKL 106 Clifford CHAN KKL 1109 [email protected]…
Supply and Demand What is Microeconomics? Microeconomics is the branch of economics which looks at choices made by narrowly defined units, such as individual buyers/consumers,…
If the supply curve shifts and the demand curve does not shift, The old and new price-quantity combinations lie on the original demand curve. The old and new price-quantity…
Supply Supply Chevalier Fall 2015 The Law of supply Like the law of demand, the law of supply demonstrates the quantities that will be sold at a certain price. But unlike…