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Final Exam part 2

demand willing and able to buy a good
quantity demand how much of a good someone is willing and able to buy
law of demand as price increases, quantity demanded decreases. As price decreases, quantity demanded increases
substitution effect when prices of good increase beyond what consumer values it at, consumer substitutes another good
income effect when prices increase, and income stays the same, purchasing power reduced, and consumer changes behavior accordingly
ceteris paribus all other things equal. Assumption made in economic graphs to hold things constant except for price. Dropped when shifts are done
change in quantity demanded change in price, movement along curve
shifts of demand: MERIT change in anything else, shift of entire curve 1. Market size 2. Expectations 3. Related (complements and substitutions) 4. Income (normal and inferior goods) 5. Taste
elasticity of demand how consumers react to change in price
inferior good good that you would not purchase if income increased; good that you would purchase because it was cheap.
normal good good that experiences an increase in demand as the real income of an individual or economy increases
inelastic demand small reaction to change in price. Necessities, medicine, gasoline. if product is inelastic, producer can raise price to increase total revenue
total revenue price x quantity. Income from selling products
elastic demand large reaction to change in price. Luxuries, hobbies, substitutes. Ex. cookies and gold watches
supply willing and able to produce/sell a product
quantity supplied how much wiling and able to produce/sell a product
law of supply as price increases, quantity supplied increases. As price decreases, quantity supplied decreases.
change in quantity supplied change in price, movement along curve
shifts of supply: TINGLE 1. Technology 2. Input Costs 3. Number of producers 4. Government (excise tax, subsidy, regulation) 5. Labor productivity 6. Expectations
marginal product change in total output when one or more worker is added
fixed cost cost that does not change with production.
variable cost cost that changes with production
total cost fixed cost + variable cost
marginal cost additional cost of producing one more unit
marginal revenue additional income when one more unit is sold
maximize profit MR = MC
elasticity of supply how producers react to change in price
elastic supply very responsive to change in price. can change production cycle inputs, . long run
Created by: danat214



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