Ec102 Economics B: Summer 2009 Examination Suitable for candidates taking 2007/8 and 2008/9 syllabus only Instructions to candidates: • • Time allowed: 3 hours. Write…

Slide 1Chapter 3 Principles of Microeconomics, 4 th Edition Instructors Manual Slide 2 Prices Communicate (a) Prices are how the economy communicates. Prices provide information…

Slide 1Increase in demand graphDecrease in demand graph What factors affect demand? Action buttons allow easy access to commonly used slides from any point in presentation.…

1. What factors affect demand? Action buttons allow easy access to commonly used slides from any point in presentation. 2. Price Determinants ofDemand Income Number ofBuyers…

1. What factors affect demand? Action buttons allow easy access to commonly used slides from any point in presentation. 2. Price Determinants ofDemand Income Number ofBuyers…

Slide 1 With Groceries …. Slide 2 How do the laws of demand interact to establish prices in the economy? Slide 3  A substitute is something that can be used INSTEAD…

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…

Supply & Demand Chapter 2 Demand Desire, willingness & ability to buy a product Must Want to buy a product Be able to pay for the product Law of Demand Amount of…

Compliments and substitutes Substitutes and complements With Groceries â¦. Essential Question How do the laws of demand interact to establish prices in the economy? Substitutes…

Slide 1Supply and Demand 101 Slide 2 A basic supply and demand curve The vertical axis is PRICEThe vertical axis is PRICE The horizontal axis is QUANTITYThe horizontal axis…