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Ec4004 2008 Lecture 4

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Ec4004 2008 Lecture 4

  1. 1. Elasticity Market Demand Dr. Stephen Kinsella EC4004 Lecture 4
  2. 2. Demand Functions Market Demand Income Substitution Effects Elasticity Consumer Surplus
  3. 3. Market demand: The total quantity of a good or service demanded by all potential buyers.
  4. 4. 1.
  5. 5. Market demand: The total quantity of a good or service demanded by all potential buyers. Market demand curve shows the relationship between the total quantity demanded of a single good or service and its price, holding all other factors constant.
  6. 6. PX P* X 0 X* 1 (a) Individual 1

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