100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ECON College Notes $12.98   Add to cart
Quickly navigate to
Preview
  2.  
  3. Cornell University
  4.  
  5. ECON

Class notes

ECON College Notes
 0 view  0 purchase

Economics college class notes are comprehensive collections of information and concepts covered in undergraduate-level economics courses. These notes serve as study aids, summarizing lectures, textbook readings, and applied examples. They are divided into two main branches: microeconomics and macro...

[Show more]

Preview 1 out of 1  pages

Document information

  • November 20, 2024
  • 1
  • 2024/2025
  • Class notes
  • Colleen carey
  • All classes

Subjects

Written for

All documents for this subject (7)

Seller

avatar-seller
urmom3

Content preview

Microeconomics
1. Supply and Demand

A. Law of Demand

● Definition: Inverse relationship between price and quantity demanded (ceteris paribus).
1. As price decreases, demand increases.
2. Demand curve slopes downward.
● Key Factors Influencing Demand:
1. Income (normal vs. inferior goods).
2. Price of substitutes/complements.
3. Consumer preferences.
4. Expectations of future prices.
5. Population demographics.

B. Law of Supply

● Definition: Direct relationship between price and quantity supplied (ceteris paribus).
1. As price increases, supply increases.
2. Supply curve slopes upward.
● Key Determinants of Supply:
1. Input prices (labor, raw materials).
2. Technology advancements.
3. Taxes and subsidies.
4. Number of suppliers.
5. Expectations of future prices.

C. Market Equilibrium

● Equilibrium Price (P*): Price at which quantity supplied equals quantity demanded.
● Shifts in Curves:
○ Demand Increase: Higher equilibrium price and quantity.
○ Supply Increase: Lower equilibrium price, higher quantity.

D. Elasticity

1. Price Elasticity of Demand (PED):
○ Formula: PED=%ΔQd%ΔPPED = \frac{\% \Delta Q_d}{\% \Delta P}PED=%ΔP%ΔQd​​
○ Elastic if PED > 1, inelastic if PED < 1.
○ Determinants: Availability of substitutes, necessity vs. luxury, time horizon.
2. Price Elasticity of Supply (PES):
○ Formula: PES=%ΔQs%ΔPPES = \frac{\% \Delta Q_s}{\% \Delta P}PES=%ΔP%ΔQs​​
○ Influenced by production flexibility and time.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller urmom3. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.98. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71498 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.98
  • (0)
  Add to cart