ECON 4001.01 Lecture Notes - Lecture 15: Isabel Aboy, Inq Mobile

• School: Ohio State University
• Department: Economics
• Course: ECON 4001.01
• Professor: Jafar Olimov

Document Summary

Mrs p x t px in consumer warts to choose theaffftbundthable. M e un n r l m n indivisual demands. Market demand x cp i pz m m z. 2 for ncontumers x p p m mr mn. D all mean demand demandcannot be negative that"swhy we use max. Etamine ofdemand definedat a point p ordinarygoods negative demand. I o in x ie i e l l unit elathicdemand. E ei. downward man pass. am sopiy. tt best elastic fewer y short mullesttime categoriesofproducts necessities small part of budget thinkmainly aboutsubstitutes moreelassic moresubstitutes long run cmoretime specificbrands. Ei linear demand 9 a bp priceelasticity in demand inv p eb pjon. Ecp ix ftp. t f 89p atbpi b injaffp. I elp est at point a a bats. Eb e b b ab a b f i y i elp fusil q p g when asked to calculate pluginvariablesusingtheequation a elasticity of a point y.