Microeconomics

© John Petroff Source: PEOI

Assignment A-1.1:
How would one go about transferring a demand schedule onto
 a graph? Why are demand schedules commonly graphed? Why is the
 graph more useful than a table of numbers?

Assignment A-1.2:
What are the nonprice determinants of demand? Provide an
 example of how each of them effect demand.

Assignment A-1.3:
How is the supply of goods influenced by increases and
 decreases in resource prices? How do these changes effect
 the supply curve?

Assignment A-1.4:
What nonprice determinants influence supply? Provide a
 brief example of how they shift the supply curve. Which
 supply determinants influence price the most?

Assignment A-1.5:
 What is the difference between the income effect and the
 substitution effect? What conditions must be present for
 these effects to take place?

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