ECN 110 Lecture Notes - Lecture 3: Demand Curve, Economic Equilibrium, Inferior Good
4 Dec 2015
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Distinguish between a change in demand and a change in the quantity demanded, noting the cause(s) of each: what effect will each of the following have on the demand for small automobiles such as the mini- Explain. create a new intersection of the two curves that will lead to changes in the equilibrium quantity and price of corn. Thus, the terms supply and demand are used correctly in the second statement: in 2001 an outbreak of foot-and-mouth disease in europe led to the burning of millions of cattle carcasses. Supply and/or demand can change (the entire curves can shift). Each time this happens, it will: for each stock in the stock market, the number of shares sold daily equals the number of shares purchased. That is, the quantity of each firm"s shares demanded equals the quantity supplied. Demonstrate your answer graphically. (b) next, suppose that the government establishes a price floor of . 60 for wheat.
