This is a PowerPoint presentation on the fundamentals of the concept of âelasticityâ as used in principles of economics. A left mouse click or the enter key will add an…

In This Lecture….. Demand Absolute Price and Relative Price Supply The Market In This Lecture….. Consumers’ Surplus, Producers’ Surplus, and Total Surplus Price Ceilings…

* 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 that, other things being equal, the quantity…

Slide 1 FrontPage: What kinds of things do you think might affect the SUPPLY of a good or service? The Last Word: Ch 5 Review due Thursday; Quiz Thursday WHAT FACTORS AFFECT…

Supply & Demand: Market Competition Demand: the desire, ability, and willingness to buy a product Demand Schedule iTunes Downloads Price Quantity Demanded $5 $2 .99 .50…