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39 Cards in this Set
- Front
- Back
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S=f(C,T,Pe,#sellers,Py)
What does each term stand for? +direct relationship -inverse relationship |
- C= cost of production
+ T= technology - Pe= price expectation + #sellers= number of sellers - Py= price of some other good you could have producted. |
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S=f(_,_,_,_,_)
What are the missing terms? |
C= cost of production
T= technology Pe= price expectation #sellers= number of sellers Py= price of some other good you could have produced. |
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S=f(C,_,_,_,_)
What is the term listed? Does it have +direct relationship or -inverse relationship |
C= Cost of production
-inverse relationship |
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S=f(_,T,_,_,_)
Does it have +direct relationship or -inverse relationship |
T= technology
+direct relationship |
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S=f(_,_,Pe,_,_)
Does it have +direct relationship or -inverse relationship |
Pe= price expectation
-inverse relationship |
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S=f(_,_,_,#sellers,_)
Does it have +direct relationship or -inverse relationship |
#sellers= number of sellers
+direct relationship |
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S=f(_,_,_,_,Py)
Does it have +direct relationship or -inverse relationship |
Py= price of some other good you could have produced.
-inverse relationship |
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Increase in supply is a _ _ in the supply curve.
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rightward shift
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An increase supply means what if price states the same?
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Producers are now willing to bring a larger quantity at each and every price.
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An increase supply means what if supply curve moves rightward price falls?
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2.Producers .are now willing to accept a lower price for each and every price.
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Demand (Define)
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Demand--person's willingness to purchase something
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Supply (define)
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supply-- person's willingness to bring something to the market
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Demand -there is a ____ ___ between goods own price and quantity demanded of that good
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inverse relationship
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Demand=> __ __ __
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entire demand curve
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quantity demanded=>
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a point on a given demand curve
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if price (1)___quantity demand goes(2) __
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1) falls
2) up |
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If we change only the goods own price we move along the existing (1)___ ___, from one point to another point and call this change in (2)___ ___
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1) demand curve
2) quantity demand |
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The demand curve is an upper boundary in what two ways?
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1). it represents the largest quantity that can be sold at each and every price.
2). it represents highest price that can be charged for each and every quantity |
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Law of supply there is a ____ ___ between goods own price and quantity supplied
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direct relationship
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supply
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entire supply curve
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Quality supply
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a quantity supplied
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(Supply) When we change only the goods own price, we move along the existing 1. __ __ from one point to another point and we call this change in 2. __ __ (__)
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1) supply Curve
2) quantity supplied (Qs) |
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Supply curve (movement)
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When we change only the goods own price, we move along the existing supply curve from one point to another point and we call this change in quantity supplied (Qs)
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Supply Curve is also a boundary in two ways:
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1) it represents largest quantity that suppliers will bring fir each and every price.
2. it represents the lowest price that produces will accept fir each and every quantity |
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D=f(t,_,_,_,_,_,_)
+ Direct relationship - inverse related |
t=tastes +
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D=f(_,Y,_,_,_,_,_)
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Y= Income +
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D=f(_,_,pop./ #buyers,_,_,_,_)
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pop / #buyers = population+
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D=f(_,_,_,Pe,_,_,_)
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Pe= price expectations+
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D=f(_,_,_,_,Ps,_,_)
Pc = Price of a compliment Other |
Ps = Price of substitution +
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Quality supply
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a quantity supplied
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(Supply) When we change only the goods own price, we move along the existing 1. __ __ from one point to another point and we call this change in 2. __ __ (__)
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1) supply Curve
2) quantity supplied (Qs) |
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Supply curve (movement)
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When we change only the goods own price, we move along the existing supply curve from one point to another point and we call this change in quantity supplied (Qs)
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Supply Curve is also a boundary in two ways:
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1) it represents largest quantity that suppliers will bring fir each and every price.
2. it represents the lowest price that produces will accept fir each and every quantity |
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Explain price as an adjustment mechanism when price starts out above equilibrium. Explain the process.
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Explain the process
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D=f(t,_,_,_,_,_,_)
+ Direct relationship - inverse related |
t=tastes +
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D=f(_,Y,_,_,_,_,_)
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Y= Income +
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D=f(_,_,pop./ #buyers,_,_,_,_)
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pop / #buyers = population+
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D=f(_,_,_,Pe,_,_,_)
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Pe= price expectations+
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D=f(_,_,_,_,Ps,_,_)
Pc = Price of a compliment Other |
Ps = Price of substitution +
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