Economics 4 & 5 with corrections

Chapters 4 & 5: Supply and Demand

4-1: What is Demand? ,[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],(graphs in motion) Price Quantity Demanded $30 0 $25 1 $20 1 $15 3 $10 5 $5 8

4-2: Factors Affecting Demand ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

4-3: Elasticity of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],Type of demand Elastic Inelastic Unit Elastic Change in Price Down Down Down Change in quantity demanded Up Up Up Change in expenditures (price times quantity) Up Down Same

5-1: What is Supply? ,[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Supply is elastic when a change in price results in a relatively larger change in quantity supplied. (m<+1) Supply is inelastic when a change in price results in a relatively smaller change in quantity supplied. (m>+1) A product is unit elastic when a change in price results in a proportional change in quantity supplied. (m=-1)

5-2: Theory of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],.

5-3: Cost, Revenue, and Profit Maximization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics 4 & 5 with corrections

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Economics 4 & 5 with corrections