Shawn Zhong

Shawn Zhong

 钟万祥
  • Tutorials
  • Mathematics
    • Math 240
    • Math 375
    • Math 431
    • Math 514
    • Math 521
    • Math 541
    • Math 632
    • Abstract Algebra
    • Linear Algebra
    • Category Theory
  • Computer Sciences
    • CS/ECE 252
    • CS/ECE 352
    • Learn Haskell
  • Projects
    • 2048 Game
    • HiMCM 2016
    • 登峰杯 MCM
  • Course Notes
    • AP Microecon
    • AP Macroecon
    • AP Statistics
    • AP Chemistry
    • AP Physics E&M
    • AP Physics Mech
    • CLEP Psycho

Shawn Zhong

 钟万祥
  • Tutorials
  • Mathematics
    • Math 240
    • Math 375
    • Math 431
    • Math 514
    • Math 521
    • Math 541
    • Math 632
    • Abstract Algebra
    • Linear Algebra
    • Category Theory
  • Computer Sciences
    • CS/ECE 252
    • CS/ECE 352
    • Learn Haskell
  • Projects
    • 2048 Game
    • HiMCM 2016
    • 登峰杯 MCM
  • Course Notes
    • AP Microecon
    • AP Macroecon
    • AP Statistics
    • AP Chemistry
    • AP Physics E&M
    • AP Physics Mech
    • CLEP Psycho

AP Microeconomics

Home / AP / Notes / AP Microeconomics / Page 2

2.1 - Price & Quantity

  • Aug 15, 2017
  • Shawn
  • AP Microeconomics
  • No comments yet
Supply and Demand • Supply and demand model ○ a model of how a competitive market functions • The demand curve • The supply curve • The determinants of demand and supply • The equilibrium price and quantity Demand Schedule and Demand Curve • The law of demand ○ A higher price leads to a lower quantity demaned ○ A lower price leads to a higher quantity demanded • Demand schedule vs. demand curve ○ A demand schedule is a table that shows the quantity demanded at each price. ○ A demand curve is a graph that shows the quantity demanded at each price • Demand vs. quantity demanded ○ demand the relationship between a range of prices and the quantities demanded at those prices, as illustrated by a demand curve or a demand schedule. quantity demanded only a certain point on the demand curve or one quantity on the demand schedule ○ Demand refers to the curve, and quantity demanded refers to a specific point on the curve. ○ If price increases, what happens? § No change in demand § Decrease in quantity demanded ○ Graphical Comparison • Demand curve ○ Horizontal axis: Quantity Demanded ○ Vertical axis: Price Shift of the Demand Curve • Changes in the price of related goods ○ Substitutes (positive correlation) § fall in the price of one goods makes consumers less willing to buy the other good ○ Complements (negative correlation) § fall in the price of one of the goods makes consumers more willing to buy the other good ○ How to remember § Kids are positive when having a substitute teacher § We lived in a cynical world. If someone gives you a complement, the true intention might be negative. • Changes in income ○ Normal goods § rise in income increases demand § ie. computers, Disneyland, steak ○ Inferior goods § rise in income decreases demand § ie. macaroni & cheese, top ramen ○ Normal goods vs. inferior goods • Changes in tastes ○ Why do people want what they want? ○ Changes due to fad, beliefs, cultural shifts are all clumped together under preferences. • Changes in expectations ○ If you expect more income in the future, demand for certain goods (ie. car or refrigerator) might increase ○ If expectation of a future price drop of items exist, then the demand for these items drop today, almost like a self-fulfilling prophecy. • Graph • Summary Supply Schedule and Supply Curve • The law of supply ○ A higher price leads to a higher quantity supplied. ○ A lower price leads to a lower quantity supplied. • Supply schedule vs. supply curve ○ A supply schedule is a table that shows the quantity supplied at each price. ○ A supply curve is a graph that shows the quantity supplied at each price. • Supply vs. quantity supplied ○ supply the relationship between a range of prices and the quantities supplied at those prices, as illustrated by a supply curve or a supply schedule. quantity supplied only a certain point on the supply curve or one quantity on the supply schedule ○ Supply refers to the curve, and quantity supplied refers to a specific point on the curve. ○ If price increase, what happens to supply? § Nothing § This is a change in quantity supplied not supply Shifts of the Supply Curve • Changes in input prices ○ Input is a good used to produce another good ○ ie. cheese in a cheese pizza • Change in technology ○ All the ways in which people can turn more inputs into useful goods ○ For example, an improved strain of corn resistant to disease increase supply of corn. • Change in expectations ○ If expectations of a future price increase of items exist, then supplier will tend to hoard the item in order to make more profit in the future. • Related goods ○ If the price of other things I can produce goes up, then my supply of grapes, once again, would go down. • Graph • Summary Supply, Demand, and Equilibrium • Equilibrium price ○ price that clears the market • Equilibrium quantity ○ quantity of good bought and sold at market-clearing price • Equilibrium ○ where the supply and demand curves intersect • Graph Surplus & Shortage • Surplus ○ when quantity supplied exceeds quantity demanded ○ Q_s Q_D ○ Surplus=Q_S−Q_D • Shortage ○ when quantity demanded exceeds quantity supplied ○ Q_D Q_s ○ Shortage=Q_D−Q_S • Graph
Read More >>

2.2 - Supply & Demand

  • Aug 15, 2017
  • Shawn
  • AP Microeconomics
  • No comments yet
Read More >>

2.4 - Price Elasticity of Demand

  • Aug 15, 2017
  • Shawn
  • AP Microeconomics
  • No comments yet
Read More >>

2.3 - Price Controls

  • Aug 15, 2017
  • Shawn
  • AP Microeconomics
  • No comments yet
Read More >>

2.5 - Income, Cross-Price & Supply Elasticities

  • Aug 15, 2017
  • Shawn
  • AP Microeconomics
  • No comments yet
Read More >>
  • 1
  • 2
  • 3
  • 4
  • 5

Search

  • Home Page
  • Tutorials
  • Mathematics
    • Math 240 - Discrete Math
    • Math 375 - Linear Algebra
    • Math 431 - Intro to Probability
    • Math 514 - Numerical Analysis
    • Math 521 - Analysis I
    • Math 541 - Abstract Algebra
    • Math 632 - Stochastic Processes
    • Abstract Algebra @ 万门大学
    • Linear Algebra @ 万门大学
    • Category Theory
  • Computer Sciences
    • CS/ECE 252 - Intro to Computer Engr.
    • CS/ECE 352 - Digital System Fund.
    • Learn Haskell
  • Projects
    • 2048 Game
    • HiMCM 2016
    • 登峰杯 MCM
  • Course Notes
    • AP Macroeconomics
    • AP Microeconomics
    • AP Chemistry
    • AP Statistics
    • AP Physics C: E＆M
    • AP Physics C: Mechanics
    • CLEP Psychology

WeChat Account

Categories

  • Notes (418)
    • AP (115)
      • AP Macroeconomics (20)
      • AP Microeconomics (23)
      • AP Physics C E＆M (25)
      • AP Physics C Mechanics (28)
      • AP Statistics (19)
    • Computer Sciences (2)
    • Mathematics (300)
      • Abstract Algebra (29)
      • Category Theory (7)
      • Linear Algebra (29)
      • Math 240 (42)
      • Math 375 (71)
      • Math 514 (18)
      • Math 521 (39)
      • Math 541 (39)
      • Math 632 (26)
  • Projects (4)
  • Tutorials (11)

Archives

  • October 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • July 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017

WeChat Account

Links

RobeZH's thoughts on Algorithms - Ziyi Zhang
Copyright © 2018.      
TOP