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Demand

Supply and Demand Lecture Notes

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Supply/Demand Notes (In-Class Lecture) Demand- Demand: The amount of a good/service that consumers are willing and able to buy at a given price and time. Price is a big factor is quantity demand; lower prices means the demand is higher, while higher prices means the demand is lower Example: Polo Shirts at $18.99 = Higher QTY. Demand Polo Shirts at $38.99 = Lower QTY. Demand Lower prices mean more buying^^ Law of Demand: An increase in a good?s price causes a decrease in qty. demanded Elastic Demand: A small change in price which affects qty. demand Example: Fast Food Coupons that are given out via mailing (restaurants experience more qty. demand/customers during this time because of lower prices the coupons offer) *Are all goods considered elastic?

Chapter 6: Markets, Maximizers, & Efficiency Notes

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Economics Chapter 6: Markets, Maximizers, and Efficiency Start Up: A Drive in the Country Suppose you decide to take a drive. For purposes in this example, we?ll assume that you have a car, that the weather is nice, and there?s an area nearby that?ll be perfect for the drive. Your decision to take a drive is a choice. Since economics deal w/ choices, we can put econ. To work in thinking about it. Economists assume that people make choices that maxes utility Utility is the satisfaction you gain from your use of goods/services and from activities you do You plan to enjoy the drive; the enjoyment is the benefit you expect. But, you?ll give up some things as well.

Chapter 5: Elasticity: A Measure of Response Notes

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Economics Chapter 5, Elasticity: A Measure of Response Notes Start Up: Raise Fares? Lower Fares? What?s A Public Transit Manager To Do? Imagine that you?re the manager of a public transportation system for a large area. Costs of operating have soared in the last few years, and you?re under pressure to boost revenue. What do you do? An obvious choice is to raise fares; that?ll make customers angry, but it will generate the extra revenue you need.. Or will it? The law of demand says that raising fares will reduce the number of passengers riding on the system. If the number falls only a little, then the higher fares that your remaining passengers pay might produce the higher revenues you need

macroeconomics spring exam, questions and answers

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Name: _________________________________ Days/Times Class Meets: ___________ Today?s Date:__________ 1 Macroeconomics, Spring 2008, Final Exam, several versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card you must print three things: 1) Print your full name clearly; 2) Print the day and time of your section (for example TTh 7 AM); 3) Print the number I have written in ink on the upper right corner of your copy of this test. (This number tells me which version of the test you have. Without it your test cannot be graded properly and you get no credit for your answers.) II) Answer on your Scantron card, using a #2 pencil. Warning: SOME QUESTIONS MUST BE ANSWERED SEVERAL TIMES!

microeconomics practice test

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AP Microeconomics Multiple Choice: Choose the item that best answers each question.? Each question is worth an equal amount.? You have 90 minutes to complete this test.? ??????? 1.??? In which of the following instances will total revenue decline? ?????????????? A)?? price rises and supply is elastic ?????????????? B)?? price falls and demand is elastic ?????????????? C)?? price rises and demand is inelastic ?????????????? D)?? price rises and demand is elastic ??????? 2.??? The diamond-water paradox occurs because: ?????????????? A)?? the price of a product is related to its total utility, not its marginal utility. ?????????????? B)?? the price of a product is related to its marginal utility, not its total utility.

4.3 Vocabulary

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Supply & Demand Graphs

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Here are examples of how to properly draw a supply and demand graph with increasing supply and demand

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