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Homework #3

Homework #3. Chapter 2 Question 1: Daniel Wonderly Question 5: James Washington Question 12: Ashlea Ward Question 17: Katia Trujillo Working with Graphs and Numbers: Question 1: Johanna Trujillo Question 2: Ty Treece Question 5: Melissa Steele

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Homework #3

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  1. Homework #3 Chapter 2 Question 1: Daniel Wonderly Question 5: James Washington Question 12: Ashlea Ward Question 17: Katia Trujillo Working with Graphs and Numbers: Question 1: Johanna Trujillo Question 2: Ty Treece Question 5: Melissa Steele Alternates: Jermaine Spence and Arturo Soliz

  2. Homework #3 Chapter 2 Question 1: Shelly Arner Question 5: Albert Depalma Question 12: Yazan Hawatmeh Question 17: Jesus Herrera Working with Graphs and Numbers: Question 1: Kevin Jenkins Question 2: Kelsey Jones Question 5: Sophie Laureano Alternates: Marisa Navarro and Daniela Rosales

  3. In-class exercise 3 Do we understand Chapter 2?

  4. Chapter 3Supply, Demand, and Price

  5. Market • Market is an arrangement by which people exchange goods and services including money • Two sides • Buyer • Seller

  6. Starting with the Buyer Side • Quantity demanded • Amount of a good people are willing and able to buy at a particular price at a particular point in time

  7. Important parts of definition • Willing • Able • Particular Price • Particular point in time

  8. Demand Quantity demanded over all prices during a specific point in time • Important parts: • Quantity demanded • All prices • Specific point in time

  9. So…. So….

  10. Who does what in the Market? • Consumers • Buy goods • Sell Labor • Firms • Sell goods • Buy Labor

  11. Circular Flow • Depiction of how the market works in the economy • Includes both buyers and sellers • Shows the flow of goods and services between consumers and firms

  12. Law of Demand • As price of a good (decreases) increases the Quantity demanded of that good (increases) decreases

  13. Price Quantity 4 10 3 20 2 30 1 40 Demand Schedule • Numerical table of quantity demanded at different prices

  14. Demand Curve • Graphical representation of the demand schedule • Used to represent the relationship between price and quantity • Why type of relationship do you expect price and quantity to have?

  15. Demand Schedule and Demand Curve

  16. Market Demand Curves • Previous demand curve was for an individual • Single buyer • How can we get the market curve from individual demand curves? • All buyers • Sum the individual Demand curves…

  17. Therefore….

  18. Deriving a Market Demand Schedule & Curve

  19. Deriving a Market Demand Schedule & Curve

  20. Determinates of Demand • Income • Normal good • Inferior good • Preferences • Prices of Related Goods • Substitutes • Compliments

  21. Determinates Continued… • Number of Buyers • Expectations of Future

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