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Microeconomics

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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Supply and demand

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

micro economics practice test

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AP Microeconomics Multiple Choice: Choose the best answer to each question.? Each question is worth an equal amount. Answer questions 1-8 using the figure below. ????????????????????????????????????????????????????????????????????????????????????????? ? ? 1. In the figure shown, consumer surplus with free trade would be a. A. b. A + B. c. A + C + G. d. A + B + C + D + E + F. ? 2. In the figure shown, consumer surplus after the tariff would be a. A. b. A + B. c. A + C + G. d. A + B + C + D +E + F. ? 3. In the figure shown, the domestic price and quantity demanded after the tariff would be a. P1, Q1. b. P1, Q4. c. P2, Q2. d. P2, Q3. ? 4. In the figure shown, the free-trade price and quantity demanded would be a. P1, Q1. b. P1, Q4. c. P2, Q2. d. P2, Q3.

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.

Monopolistic Competition

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competing producers sell products that are differentiated from one another as good but not perfect substitutes such as from branding, quality, or location ?ignores the impact of its own prices on the prices of other firms Characteristics There are many producers and many consumers in the market, and no business has total control over the market price. Consumers perceive that there are non-price differences among the competitors' products. There are few barriers to entry and exit.[4] Producers have a degree of control over price Short Run firms can behave like monopolies in the short ru including by using market power to generate profit. ? Long Run ?the market becomes more like a perfectly competitive?one where firms cannot gain economic profit

4.3 Vocabulary

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Price elasticity of demand


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