Class 2b
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The document discusses demand, including defining demand as a function and curve representing the relationship between quantity demanded and factors that influence demand. It provides an example demand function for tickets to a performance theater (PTC) based on ticket price, nearby entertainment prices, and income. It then substitutes known values for those variables except ticket price to derive the demand curve equation relating ticket price to quantity demanded.
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Class 2b
- 1. Demand The willingness and ability to buy McGraw-Hill/Irwin
- 7. Graphing the demand curve McGraw-Hill/Irwin