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Economics 3.05

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Economics
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Microeconomics
Marginal concepts
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Marginal cost
Economic graph
Nike, Inc.
Shoe
Price
Marginal revenue
Attachment theory

What product market did you choose for this data to represent? Explain why. I chose Nike Free Runs because they can reach pretty high prices are a popular type of shoes. At which price and quantity does marginal cost nearly equal marginal revenue without exceeding it? Highlight this point on your graph. Between a quantity of 5 & 6 pairs of shoes at $160. If you were in business for this product, at which price and quantity level would you sell? Explain why. I would sell the shoes for $160 and a quantity of 5 pairs because it?s when I can maximize my profit.
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Krugman AP Macro Economics Chapter 8

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Price ceiling
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?? Chapter 8: Supply and Demand: Price Controls (Ceilings and Floors) Price controls: legal restrictions on how high or low a market price may go, government action in economy price ceiling: a maximum price sellers are allowed to charge for a good or service price floor: a minimum price buyers are required to pay for a good or service. Assumption: the markets in question are efficient before price controls are imposed price controls in inefficient markets don?t necessarily cause problems and can potentially move the market closer to efficiency Price Ceilings ? Push Prices down Price Ceiling: suppliers have less incentive to offer apartments less of a good are produced Consumer have higher demand shortage of good

Krugman AP MacroEconomics Chapter 7

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economics
demand
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Supply and demand
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supply
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AD-AS model
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?? Chapter 7: Supply and Demand: Changes in Equilibrium ? substitutes: if the price of good1 rises, the demand for good2 will increase if the price of good1 falls, the demand for good2 will decrease An increase in demand leads to a rise in both the equilibrium price and the equilibrium quantity. A decrease in demand leads to a fall in both the equilibrium price and the equilibrium quantity. Increase in demand: rightward shift of the demand curve market is no longer in equilibrium shortage: quantity demanded exceeds quantity supplied price rises increase in the quantity supplied upward movement along the supply curve new equilibrium When demand for a good or service increases, the equilibrium price and the equilibrium quantity of the

Krugman AP Macro Economics Chapter 6

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Economics
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economics
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demand
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supply
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behavior
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Business

?? Chapter 6: Supply and Demand: Supply and Equilibrium ? quantity supplied actual amount of a good or service producers are willing to sell at some specific price the quantity that producers are willing to produce and sell depends on the price they are offered supply schedule shows how much of a good or service producers will supply at different prices works same as the demand schedule -,-l supply curve shows the relationship between quantity supplied and price law of supply says that, other things being equal, the price and quantity supplied of a good are positively related if price goes up, production of a good (quantity) goes up supply curves slope upward: the higher the price being offered, the more of any good or service producers are

AP Economics Chapter 7 Notes

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Economics
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supply

Chapter 7 Notes Sect 1 Idea of demand centers on people being both willing and able to pay for a product or service In a market economy, consumers collectively have a great deal of influence on the prices of all goods and services. Demand: The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period. Supply: The amount of a good or service that producers are able and willing to sell at various prices during a specified time period Market: The process of freely exchanging goods and services between buyers and sellers. A market for a particular item or service can be local, national, international, or a combination of these
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