ECON 110 Lecture 5: Chapter 3 Demand Supply and Price Part 1

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ECON 110 Full Course Notes
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ECON 110 Full Course Notes
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Econ110a - lecture 5 - chapter 3 demand, supply, and price (part 1) *note: we are assuming that this is a perfect competition, where an individual does not affect the market. Only a large group of consumers/producers affect the market. Demand: amount of a good that buyers are willing to purchase (at various prices) Quantity demanded: the total amount of a good or service that consumers wish to purchase during a given time period, at a given price. Quantity purchased: the quantities of a good actually purchased. Quantity demanded (qd) for a good in a participar market depends on several variables. As price goes up, quantity demanded goes down. Normal goods: when income rises, the quantity demanded rises. Inferior goods: when income rises, the quantity demanded decreases. Substitutes: one product gets consumed in place of another. An increase in the price of a related substitute costs an increase in the quantity demanded.

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