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Supply

Supply and Demand Lecture Notes

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Supply

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 5: Elasticity: A Measure of Response Notes

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Supply

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

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.
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