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Iqra ea-introduction-2011
- 6. Design of Term Paper Title Introduction Analysis Conclusion Recommendations References
- 8. The Science of Macroeconomics 1
- 16. The market for cars: Demand Q Quantity of cars P Price of cars The demand curve shows the relationship between quantity demanded and price, other things equal. D
- 17. The market for cars: Supply Q Quantity of cars P Price of cars D S The supply curve shows the relationship between quantity supplied and price, other things equal.
- 18. The market for cars: Equilibrium Q Quantity of cars P Price of cars S D equilibrium price equilibrium quantity
- 19. The effects of an increase in income An increase in income increases the quantity of cars consumers demand at each price… … which increases the equilibrium price and quantity. Q Quantity of cars P Price of cars S D 1 Q 1 P 1 P 2 Q 2 D 2
- 20. The effects of a steel price increase An increase in P s reduces the quantity of cars producers supply at each price… … which increases the market price and reduces the quantity. Q Quantity of cars P Price of cars S 1 D Q 1 P 1 P 2 Q 2 S 2
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- Dear Colleague, Thank you for trying these PowerPoints. I have worked hard to make them useful, accurate, and interesting in hopes of saving you prep time and contributing to an effective classroom experience for your students. To help you get the most from these slides, I have prepared a README file with User Instructions, and I have annotated many individual slides with notes – visible only to you – that appear in this area of your screen. I will be preparing minor updates about once a year between major revisions of the text, to update the data and correct typos, etc. If you find a typo or have a suggestion, please email it to me and I will consider it for the next update. My email address is roncron@unlv.nevada.edu. Sincerely, Ron Cronovich
- This slide and the next contain a list of some topical issues that macro can help students understand. Feel free to substitute others as new issues emerge.
- It might be useful to briefly define the unemployment rate so that students will be able to understand this and the next few slides. Source: Barry Bluestone and Bennett Harrison, The Deindustrialization of America (New York: Basic Books, 1982), Chapter 3, cited in Robert J. Gordon, Macroeconomics, 4 th edition (Boston: Little, Brown and Company), p.334. If you know of more recent estimates, please email me so I can update this slide!!! Thanks! (My email address is roncron@unlv.nevada.edu)
- Students will realize that the auto market is not competitive. However, if all we want to know is how an increase in the price of steel or a fall in consumer income affects the price and quantity of autos, then it’s fine to use this model. In general, making unrealistic assumptions is okay, even desirable, if they simplify the analysis without affecting its validity.
- We often aren’t concerned with the exact quantitative relationship between variables, so we will often just use the general functional notation.