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Introduction to Microeconomics Econ1000 chapter2:Coordinating Demand and Supply

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Course
ECO1000 (ECON1000)

Institution
York University (Ebor )

Market Demand for Water Two Ways to Read a Demand Curve:Demand Curve – Read Over and Down Two Ways to Read a Demand Curve:Marginal Benefit Curve – Read Up and Over WHAT CAN CHANGE DEMAND? Quantity demanded changes only with a change in price. All other influences on consumer choice ch...

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Uploaded on April 12, 2023
Number of pages 19
Written in 2021/2022
Type Other
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weighing benefits
preferences
demand
marginal benefit
the law of demand
quantity demanded
market demand
law of d
costs amp substitutes
availability of substitutes
smart choices are marginal choices

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Coordinating
Demand and Supply

,
,P Q P Q P Q

$0 250 $12 20 $35 3

$2 200 $15 12 $40 3

$4 100 $18 8 $45 3

$6 60 $20 4 $50 3

$8 40 $25 5 $55 1

$10 30 $30 3

,WEIGHING BENEFITS, COSTS & SUBSTITUTES

Your willingness to buy a product or
service depends on your ability to pay,
comparative benefits and costs, and the
availability of substitutes.

,• Preferences
your wants and their intensities
• Demand
consumers’ willingness and ability to pay for
a particular product or service
• For any choice, what you are willing to pay or
give up depends on
– Cost
– Availability of substitutes

, SMART CHOICES ARE MARGINAL CHOICES

Key 2 states, “Count only additional
benefits and additional costs.” Additional
benefits mean marginal benefits – not total
benefits – and marginal benefits change the
circumstances.

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