ECON 110 Chapter Notes - Chapter 5: Price Floor, Demand Curve, Price Controls
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26 Aug 2013
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ECON 110 Full Course Notes
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The price of gas would go up so firms would put more resources into it natural gas firms would then increase their demand for labour worker"s wages would go up as demand for them increases. A change in one market will lead to changes in other markets and these changes will then effect the first market: known as feedback. Partial-equilibrium analysis: the analysis of a single market in isolation, ignoring any feedbacks that may come from induced changes in other markets. Common in micro: used when the specific market is small relative to the entire economy, changes in the market will have relatively small effects from the other markets. General-equilibrium analysis: the analysis of all the economy"s markets simultaneously, recognizing the interactions among the various markets: the study of how all markets function together, taking into account the various relationships and feedback effects among individual markets.
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