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Introduction to Microeconomics Econ1000 chapter2:Coordinating Demand and Supply CA$4.30   Add to cart

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Introduction to Microeconomics Econ1000 chapter2:Coordinating Demand and Supply

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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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  • April 12, 2023
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Coordinating
Demand and Supply

,
,P Q P Q P Q


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$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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