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AP Micro Unit 2 Test

Ap micro unit 2 test

Law Of Demand As Price goes up Quantity Demanded goes down and vice versa
Law of Supply As price goes up Quantity Supplied goes up and vice versa
Change in buyers tastes and preferences. Change in income. Change in # of consumers. Change in prices of related goods. Change in expectation. 5 Determinants of Demand
Change in resource prices. Change in technology. Change in taxes and subsidies. Change in expectations. Change in # of suppliers. Change in prices of related goods. 6 Determinants of Supply
Change in expectation The weatherman stated that this summer would be the hottest summer in history.
Change in Taste or Preferences Scientists at Columbia University believe that Hawaiian Punch could increase life expectancy.
Change in income I got a raise today and I want steak.
Change in number of consumers 9 months after prom there were many babies born which increased the demand for diapers.
Change in Prices of Related Goods 1 gallon of milk cost me 1 dollar but cereal cost me 10.
Change in Resource Prices The price of wood jumped from 50 to 100 so we have to produce less.
Change in technology The new chef master 5000 can make any food for any restaurant.
Changes in taxes and subsidies The government taxes the paper company a 5 dollar tax for every log the chop down.
Change in number of suppliers More drug stores are opening up allowing for more possibly cheaper options
Normal Goods A good/service whose consumption increases when income increases and vice versa. (price stays the same)
Inferior Goods A good/service whose consumption declines as income increases.
Complementary Goods Goods that are usually used or demanded together.
Substitute Goods One good that can be used in place of another.
Complementary goods What kind of goods are socks and shoes?
Substitute goods Chicken is too expensive so I am going to buy turkey
Inelastic Demand any value below 1. Demand for these products is relatively insensitive to price changes. Hard to Substitute.
Elastic Demand any value above 1. The demand of these products is very sensitive to price changes. Easily substitutable.
Unit Elastic Demand any value equaling 1. Equilibrium.
Luxury Vs. Necessity Substitutability % of income Time 4 Determinants of Elasticity of Demand
Time Substitutability % of Income Luxury v. Necessities Determinant of Elasticity of Supply
Market Period Supply cant change
Short Run can change supply by altering variable costs
Long Run Change in all your costs
Midpoint Formula Change in quantity divided by the Sum of Quantites/2 divided by Change in price divided by the sum of prices/2
Created by: erikmurphy