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Universities » Arizona State University (ASU) » ECN - Economics » 212 - Microeconomic Principles » Flash Cards

Exam 1 - Flashcards

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Class:ECN 212 - Microeconomic Principles
Subject:Economics
University:Arizona State University - Tempe
Term:Fall 2010
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quality/quantity of inputs the only thing that causes a shift in the PPC!
Money 1) medium of exchange 2) measure of value 3)store of wealth
Nominal Price money price of goods and services
PRENT Things we hold constant when constucing a supply curve: Price/Profitability, Resources/input prices, Expectations, Number of Suppliers, Technology. If any of these change, then the supply curve will shift.
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own price any change in own price leads to a movement ALONG a SUPPLY CURVE
Shift in Supply Curve a change in any variable other than own price leads to a shift in supply
Quantity Demand Equation Qd = 600 - P (price)
normal good demand increases when income increases
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inferior good demand decreases when income rises, ie cheap cars
Quantity Supplied Equation Qs=2P - 100
TENPI Things we hold constant when constucting a demand curve: Tastes, Expectations, Number of buyers, Price of other goods, Income of Buyers. If any of these things change, then the demand curve will shift
Equation for Demand of Good x Qdx=1000-Px+.02Inc-.5Pz+2Pa
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Equation for Supply of Good x Qsx=.5P-.25Wage+.6Productivity-100
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 quality/quantity of inputsthe only thing that causes a shift in the PPC!
 Money1) medium of exchange
2) measure of value
3)store of wealth
 Nominal Pricemoney price of goods and services
 PRENTThings we hold constant when constucing a supply curve: Price/Profitability, Resources/input prices, Expectations, Number of Suppliers, Technology. If any of these change, then the supply curve will shift.
 own price any change in own price leads to a movement ALONG a SUPPLY CURVE
 Shift in Supply Curvea change in any variable other than own price leads to a shift in supply
 Quantity Demand EquationQd = 600 - P (price)
 normal gooddemand increases when income increases
 inferior gooddemand decreases when income rises, ie cheap cars
 Quantity Supplied EquationQs=2P - 100
 TENPIThings we hold constant when constucting a demand curve: Tastes, Expectations, Number of buyers, Price of other goods, Income of Buyers. If any of these things change, then the demand curve will shift
 Equation for Demand of Good xQdx=1000-Px+.02Inc-.5Pz+2Pa
 Equation for Supply of Good xQsx=.5P-.25Wage+.6Productivity-100
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