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