The level of demand for a good or service is determined by several factors, including: the price of the good or service, prices of other goods and services, especially substitutes and complements, income, tastes, preferences and expectations. In orthodox economic analysis, these determinants are ...
Inferior Good : 人们有钱以后不想买的东西 Substitutes & Complements - 替代品 / 互补品 Substitutes : 一个东西卖得好,另外一个东西卖的差 Complements : 一个东西卖得好,另外一个东西也随之卖得好 Control on Prices - 价格管制 Price Ceiling - 价格天花板 Price Floor - 价格地板 Taxation - 税收 结论1...
substitutes and complements •TASTE AND PREFERENCES •DEMOGRAPHIC CHANGES Distinguish between a shift of the demand curve and a movement along the demand curve. Change in price of good leads to movement along existing demand curve, change in any other determinant lead to a shift in demand curve...
Price of related goods- Substitutes and complements 3. Technology 4. Income 4. Government action: taxes subsidies 5. Future expectations 5. Expectations of future profit Substitutes: Price of A↑ Demand for B __↑_ Normal Goods: Income ↑ Demand ___↑_ Price of A↓ Demand for B __↓_...
Figs. The price offer curve and the Demand curve. Figs. Substitutes and complements. Cobb-Douglas preferences. Quasilinear preferences. * Homothetic preferences: if (x1, x2) is preferred to (y1, y2), then (tx1, tx2) is preferred to (ty1, ty2) for any t > 0. Thus both the income...
·prices of other goods and services, especially substitutes and complements ·income ·tastes and preferences ·expectations. In orthodox economic analysis, these determinants are analysed by testing the quantity demanded against one of these variables, holding all others to be constant (or ceteris par...
ofthePriceOfferCurveandtheDemandCurveSubstitutesandComplementsTheInverseDemandFunctionSummaryCONSUMER’SSURPLUS(3学时)DemandforaDiscreteGoodConstructingUtilityfromDemandOtherInterpretationsofConsumer'sSurplusFromConsumer'sSurplustoConsumers'SurplusApproximatingaContinuousDemandQuasilinearUtilityInterpretingtheChangeinConsumer...
The Shape of Indifference Curves 73The Marginal Rate of Substitution 74Perfect Substitutes and Perfect Complements 75 3.2 Budget Constraints 82 The Budget Line 82 The Effects of Changes in Income and Prices 84 3.3 Consumer Choice 86 Corner Solutions 89 3.4 Revealed Preference 92 3.5 ...
* Chapter 1: The Fundamentals of Economics(A. Introduction) Scarcity and Efficiency What is economics ? Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people. What is efficiency ? Efficiency denotes the most effective ...
AP Microeconomics Chapter 2.2,2.3 Shape Dreams Academy Microeconomics Lesson 3