BSB113 Lecture Notes - Lecture 2: Whopper, Kfc, Rib Eye Steak
Document Summary
The demand side of the market: questions 1. 8 & 1. 12, 1. 8: State whether each of the following events will result in a movement along the demand curve for mcdonald"s big mac burgers or whether it will cause the curve to shift. Shift: left consumers buy more of hj and less of. Shift: right consumers buy less of kfc and more of md: the australian economy enters a period of rapid growth in incomes. Porvide two variables that would cause a movement from point a to point c. A rapid growth in incomes, the price of res is about to rise: market equilibrium: putting demand and supply together: questions 3. 5 & 3. 6, 3. 5: In the wealth of nations, adam smith discussed what has become known as the diamond and the water paradox. Nothing is more useful than water: but it will purchase scarce anything, scarce anything can be hand in exchange for it.
