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Demand and Supply Exam Guide

The document discusses economic concepts related to supply and demand. It defines demand as the amount of goods consumers are willing and able to buy at different price levels. The law of demand states that, all else equal, price and quantity demanded move in opposite directions. Market demand is the sum of individual demand curves. Supply is defined as the different amounts of a good sellers are willing and able to sell at different prices. The law of supply indicates price and quantity supplied move directly with each other. Market supply is the sum of individual supply curves. Equilibrium price and quantity occur where the supply and demand curves intersect.

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40 views1 page

Demand and Supply Exam Guide

The document discusses economic concepts related to supply and demand. It defines demand as the amount of goods consumers are willing and able to buy at different price levels. The law of demand states that, all else equal, price and quantity demanded move in opposite directions. Market demand is the sum of individual demand curves. Supply is defined as the different amounts of a good sellers are willing and able to sell at different prices. The law of supply indicates price and quantity supplied move directly with each other. Market supply is the sum of individual supply curves. Equilibrium price and quantity occur where the supply and demand curves intersect.

Uploaded by

linneajepsen0405
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

unita EXamstuau Guide

Supsey & pemner


Demand
:
amountof gooas uat Consumes un willinge ableo buy
lawof Demand
InVese elannshib betwen price &auantity demanded
:

isubstiutioneffeet
너 if price a ' consumer finasubstitures cancaanse
2 " ncome effec 나 ioQ = nangeinprice
L7 기 f priced , powerth 2 DD external evert
purhasing
=

snifpsune
zlawofdiminishing marginalutility substitute
" add ( nomasarsfation fm eacucomsumptiond .
tusles & prefeences

Markef Demand une =


Einddemand unes .
priceofHlatedgooase
Hofconsumers
어
complemens

incomesmormal
lnfevion
uure expectutioms
supply
aiffeentamuntof guodstuaf selesae willingeableosell
:

lawofsupply cannange
diret rlanonship belwenprice & quantiysupplied ioQs =
cmangeinprice
oata price , furm nave moreinannvetosellmcre aos = externa event
sniftscune
Mancersupblyune = E inasupply uves price lavallabilityo
. 아

resoukeslinpufs
i" supplu & demands equlibriumbriceequantin .
tfofsellers

다듈
내매까 5

LX (
( Inersehn QD Qs )
= eunology
gouactim
QDcQs = surplus expetunons o아
Jalsequllilbrium
but .

,
.

utue pofi와

olnnmunmn
Qs < QD snortuge
=

Q (freemancet pusheso)
QEa equisibrium

DoublesniftJ
f wouresbom SniFF ,one wil seindeeminae

consumer surpius
" "
diff petween Wllingo paye
atuallypay efhunt market
:

=
buyerismax -
price maximires born

boanar suplus
: diff between
Willinaoall tfor & auallyeivea
brce
=
sulerismin
-

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