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Microeconomics

Chapter 3 & 4

QuestionAnswer
What is the law of demand? Price increase = quantity demanded decreases Price decreases = quantity demanded increases
How does quantity demanded change? Rise or fall in price, movement on the demand curve
What is a market demand curve? Summing up various demand curve of individuals ( Amount of all buyers willing and able to buy at variosu prices)
How do you define supply? Amount of goods producers are willing and able to offer for sale at various prices
What are the determinants of supply? Price Taxes, regulations, and weather Technology Number of producers Price expectation Resource prices Price of related goods in production
What is the law of supply? Prices increase = quantity supplied increases Price decreases = quantity supplied decreases
What is motivation? What determines price? What determines quality sold? Why do prices fluctuate?
How do you define demand? Willingness and ability to buy at various prices ( Purchasing capacity) Desire= Willingness to own
What are the variables of demand? ( P) Price (Y) Consumers income (POP) Number of consumers (T/P)Taste and Preference (PO) Price of related goods (Ep)Expectations of future prices
What is the equilibrium price? Intersection of demand and supply curve. When price is represented by equal quantity supplied and quantity demanded
What is the market equilibrium price? Intersection of quantity demanded and quantity supplied. Equilibrium price and quantity. Surplus ( Greater than equilibrium price) and shortage ( smaller than equilibrium price)
What is the price ceiling? Max limit of prices
What is the price floor? Min limit of prices
What are the three steps to determine changes in equilibrium price? 1. Decide what curve is shifting 2. Decide the direction of shift 3. Use the supply and demand diagram/ table to determine the market position ( Shortage or surplus)
What happens with a simultaneous shift? Predict ONE variable, predict the other variables direction
Created by: Marlenathibeault
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