What is a surplus and how is it illustrated graphically? Shortage?
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-The amount by which the quantity supplied of a product exceeds the
quantity demanded at a specific (above-equilibrium) price
-The amount by which the quantity demanded of a product exceeds the
quantity supplied at a particular (below-equilibrium) price
How is price elasticity calculated? (make sure you understand this!)
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percentage change in quantity demanded of product X/percentage
change in price of product X
, What happens to quantity demanded when price changes? Demand? What happens
to supply when price changes? Quantity supplied?
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-When prices fall, demand rises, When prices rise, demand decreases
-When prices fall, supply increases, When prices rise supply decreases
What does utility mean?
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The want-satisfying power of good or service; the satisfaction or pleasure a
consumer obtains from the consumption of a good or service
What happens to equilibrium price and quantity when demand and supply increase?
When they decrease? How is this illustrated?
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-Equilibrium price decreases, quantity increases
-Both Equilibrium price and quantity increase
-Equilibrium price increases, quantity decreases
-Both Equilibrium price and quantity decrease
-Supply and Demand Curves
Understand the concept of diminishing marginal utility and know that the demand
curve can also be called the marginal benefit and marginal utility curve.
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-The amount by which the quantity supplied of a product exceeds the
quantity demanded at a specific (above-equilibrium) price
-The amount by which the quantity demanded of a product exceeds the
quantity supplied at a particular (below-equilibrium) price
How is price elasticity calculated? (make sure you understand this!)
Give this one a try later!
percentage change in quantity demanded of product X/percentage
change in price of product X
, What happens to quantity demanded when price changes? Demand? What happens
to supply when price changes? Quantity supplied?
Give this one a try later!
-When prices fall, demand rises, When prices rise, demand decreases
-When prices fall, supply increases, When prices rise supply decreases
What does utility mean?
Give this one a try later!
The want-satisfying power of good or service; the satisfaction or pleasure a
consumer obtains from the consumption of a good or service
What happens to equilibrium price and quantity when demand and supply increase?
When they decrease? How is this illustrated?
Give this one a try later!
-Equilibrium price decreases, quantity increases
-Both Equilibrium price and quantity increase
-Equilibrium price increases, quantity decreases
-Both Equilibrium price and quantity decrease
-Supply and Demand Curves
Understand the concept of diminishing marginal utility and know that the demand
curve can also be called the marginal benefit and marginal utility curve.
