ECON 1001 Lecture Notes - Lecture 4: Market Power, Imperfect Competition, Perfect Competition
5 Nov 2018
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Chapter 4: market forces of supply and demand. The demand schedule: demand schedule is a table that shown the relationship between the price of a good and the quantity demanded, when you"re looking at the market, the market equals the demand. You need to look at the quantity that it is at specific prices: when you add them up you create the market demand, for example: helen"s demand for good z. 4: market demand is the sum of the quantities demanded by all buyers at each price, if helen and ken are the only two buyers in the market (qd =quantity demand) In a market: if you sum up the two consumers then the amount of the consumer market will be the quantity demand of consumer 1 added with the quantity demand of consumer 2. Demand shifters: number of buyers, income, price of related goods, tastes, expectation.
