100% tevredenheidsgarantie Direct beschikbaar na betaling Zowel online als in PDF Je zit nergens aan vast
logo-home
Summary Micro-Economics [ECO20A] 2nd year University Notes €13,59   In winkelwagen

Samenvatting

Summary Micro-Economics [ECO20A] 2nd year University Notes

 38 keer bekeken  2 keer verkocht
  • Vak
  • Instelling
  • Boek

Our Micro-Economics [ECO20A] 2nd year University Notes offer comprehensive and easy-to-understand summaries of key concepts, with colorful graphs and calculations to help you visualize complex ideas. These notes are perfect for students looking to enhance their understanding of micro-economics and ...

[Meer zien]

Voorbeeld 4 van de 53  pagina's

  • Ja
  • 19 september 2023
  • 53
  • 2023/2024
  • Samenvatting
avatar-seller
MICRO-ECONOMICS 11
1 © Noted Summaries [Microeconomics ECO20A]
www.notedsummaries.co.za

, DEMAND CURVE Linked to CONSUMERS
FLOW concept
NOT wants, needs or requests

 Relationship between the quantity of a good that consumers are Movement ALONG the demand curve
willing to buy and the price of the good

 quantities of a good that prospective buyers are willing and able to
purchase during a certain period ∆ price of product
[relates to plans of households, firms and other participants in the
economy] = changes the QUANTITY demanded
**always remember to draw
LAW OF DEMAND ↑ price ↓ demand arrows**

Other things being equal (ceteris paribus), the HIGHER THE PRICE OF A
GOOD, the LOWER THE QUANTITY DEMANDED

 NEGATIVE RELATIONSHIP (price & demand)
SHIFT of the demand curve

Qd = f (Px; Pg; Y; T; N) ∆ in elements
DETERMINERS Z ∆ in price of RELATED GOODS
Z ∆ in CONSUMER INCOME
Z Price of product (Px) Z ∆ in TASTE
Z Price of related goods (Pg) Z ∆ in HOUSEHOLD SIZE
Z Income of consumers (Y)
= change in DEMAND for product
Z Taste / preference of goods
(T) **always remember to draw
Z Size of household (N) arrows**

2 © Noted Summaries [Microeconomics ECO20A] www.notedsummaries.co.za

, SUPPLY CURVE Linked to PRODUCERS
FLOW concept


 Relationship between the quantity of a good that producers are
Movement ALONG the supply curve
willing to sell and the price of the good

 quantities of a good or service that producers plan to sell at each
possible price during a certain period ∆ price of product
[planned quantities (that producers or sellers plan to sell at each price]
= changes the QUANTITY supplied
LAW OF SUPPLY ↑ price ↑ supply
**always remember to draw
Other things being equal (ceteris paribus), the HIGHER THE PRICE OF A
arrows**
GOOD, the HIGHER THE QUANTITY SUPPLIED

 POSITIVE RELATIONSHIP (price & supply)

INDIVIDUAL

Qs = f (Px; Pg; Pf; Pe;Ty) SHIFT of the supply curve
Z Price of product / input
Z
Z
Price of alternatives
Price of factors of production ∆ in elements
Z Expected future prices
Z State of technology [improved production techniques
decrease cost of production enabling suppliers to produce
Z ∆ in price of ALTERNATIVES
larger quantities] Z ∆ in PRODUCTION ELEMENTS
MARKET
Z ∆ in EXPECTED PRICES
Qs = f (Px; Pg; Pf; Pe; Ty; N) Z ∆ in TECHNOLOGY
Z Price of product / input
Z Price of alternatives / joint products Z ∆ in NUMBER OF SUPPLIERS
Z Price of factors of production
Z Expected future prices = change in ACTUAL SUPPLY
Z Technology
Z Number of suppliers of the product **always remember to draw
Z Government policy
Z Climate & disasters arrows**
3 © Noted Summaries [Microeconomics ECO20A] www.notedsummaries.co.za

, COMPLEMENTARY GOODS SUPLEMENTARY GOODS
A COMPLEMENT → GOODS THAT TEND TO BE USED JOINTLY TO A SUBSTITUTE → A GOOD THAT CAN BE USED IN PLACE OF ANOTHER
SATISFY A WANT GOOD TO SATISFY A CERTAIN WANT


RULE OF COMPLEMENTARY GOODS RULE OF SUPLEMENTARY GOODS

↑ PRICE (Good A) ↓ DEMAND (Good B) [decrease in demand] ↑ PRICE (Good A) ↑ DEMAND (Good B) [increase in demand]

↑ PRICE (Good A) = LEFTWARDS SHIFT OF THE DEMAND CURVE ↑ PRICE (Good A) = RIGHTWARD SHIFT OF THE DEMAND CURVE

↓ PRICE (Good A) ↑ DEMAND (Good B) [decrease in demand]

↓ PRICE (Good A) = RIGHTWARDS SHIFT OF THE DEMAND CURVE




4 © Noted Summaries [Microeconomics ECO20A] www.notedsummaries.co.za

Voordelen van het kopen van samenvattingen bij Stuvia op een rij:

Verzekerd van kwaliteit door reviews

Verzekerd van kwaliteit door reviews

Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!

Snel en makkelijk kopen

Snel en makkelijk kopen

Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.

Focus op de essentie

Focus op de essentie

Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper notedx19. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €13,59. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 73918 samenvattingen verkocht

Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen

Start met verkopen
€13,59  2x  verkocht
  • (0)
  Kopen