BU111 Lecture Notes - Lecture 3: Economic Equilibrium
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BU111 Full Course Notes
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Ec120 - fall 2017 - class 3 summary. The third lecture develops the classic demand and supply model which is used to analyze many economic questions. After separately considering the concepts of demand and then supply, we will combine them to analyze market outcomes in terms of equilibrium prices and quantities. Students should read through chapter 3 before the lecture. 3-6, as these show the graphical representation of demand and supply. In addition, work through the numerical example on p. 65, and questions 15 and/or 16 at the end of the chapter. The answers to all textbook questions are posted on mylearningspace. Study module: the market forces of supply and demand by 8am on monday, september 18th. Post-lecture activities: (pearson) lecture 3 homework (due september 22nd, (myls quiz) lecture 3 review quiz (due december 8th)
