a simplified version of a large scale event that can be used to make predictions
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model
normal good: income^ = ^consumption
inferior good: income^ = v inferior good
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determinant/shifter of demand curve:
income
as price increases the quantity supplied increases
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law of supply
move along the line
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price
all consumer surplus in the market added together
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total consumer surplus
supplier have a natural incentive to create products in the cheapest way possible
Give this one a try later!
Give this one a try later!
model
normal good: income^ = ^consumption
inferior good: income^ = v inferior good
, Give this one a try later!
determinant/shifter of demand curve:
income
as price increases the quantity supplied increases
Give this one a try later!
law of supply
move along the line
Give this one a try later!
price
all consumer surplus in the market added together
Give this one a try later!
total consumer surplus
supplier have a natural incentive to create products in the cheapest way possible
Give this one a try later!
