UNC-Chapel Hill ECON 101 - 4. August 28 (3 pages)

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4. August 28



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4. August 28

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Pages:
3
School:
University of North Carolina at Chapel Hill
Course:
Econ 101 - Introduction to Economics

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Washburn August 28 2014 Econ 101 Turchi August 28 2014 Class 4 Price Quantity o A movement along a stationary supply curve is indicated by a change in quantity supplied o Where both Demand and Supply schedule have the same price for the same quantity we find equilibrium o Any Price than is not at equilibrium is a disequilibrium price Price Disequilibrium Equilibrium Disequilibrium Quantity o Laws of Supply and Demand o A rise in Demand for a commodity causes an increase in both the equilibrium price and the equilibrium quantity bought and sold o A fall in demand for a commodity causes a decrease in both the equilibrium price and the equilibrium quantity bought and sold o A rise in the supply of a commodity causes a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sol o A fall in supply of a commodity causes an increase in equilibrium price and a decrease in the equilibrium quantity bought and sold Washburn P1 P P2 S D Q Excess Demand o Nixon price fixing caused excess demand Price S D Quantity o Effects of inflation above on supply and demand S P D Q o o o When a seller sells a commodity for a higher price than the fixed price it is a black market Suppliers will make a cheaper product to get around price ceilings to avoid losing money o Foreign markets can move into and sweep the market when the quality drops too low Rent control in NYC led to o Cheaper quality of buildings o Lack of maintenance in apartments o Get rid of amenities Washburn o Brings about a black market Government wants to restrict the amount of beef going to the private sector o Rest of the meat goes to the military o Beef Chart o S P0 P Black Market Profit P1 D Q



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