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Ec4004 2008 Lecture 4
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Ec4004 2008 Lecture 4
1.
Elasticity
Market Demand Dr. Stephen Kinsella EC4004 Lecture 4
2.
Demand Functions
Market Demand Income Substitution Effects Elasticity Consumer Surplus
3.
Market demand: The
total quantity of a good or service demanded by all potential buyers.
4.
1.
5.
Market demand: The
total quantity of a good or service demanded by all potential buyers. Market demand curve shows the relationship between the total quantity demanded of a single good or service and its price, holding all other factors constant.
6.
PX P* X
0 X* 1 (a) Individual 1
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