TAILIEUCHUNG - Lecture Managerial economics (9th edition): Chapter 2 – Thomas, Maurice

Chapter 2 - Demand, supply, and market equilibrium. After reading chapter 2 you should be able to: Work with three different types of demand relations: general, direct, and inverse demand functions; list six principal variables that determine the quantity demanded of a good; derive a direct demand function from a general demand function;. | Chapter 2 Demand, Supply, & Market Equilibrium Demand Quantity demanded (Qd) Amount of a good or service consumers are willing & able to purchase during a given period of time 2- General Demand Function Six variables that influence Qd Price of good or service (P) Incomes of consumers (M) Prices of related goods & services (PR) Expected future price of product (Pe) Number of consumers in market (N) General demand function 2- General Demand Function b, c, d, e, f, & g are slope parameters Measure effect on Qd of changing one of the variables while holding the others constant Sign of parameter shows how variable is related to Qd Positive sign indicates direct relationship Negative sign indicates inverse relationship 2- General Demand Function Variable Relation to Qd Sign of Slope Parameter P Pe N M PR Inverse Direct Direct Direct Direct for normal goods Inverse for inferior goods Direct for substitutes b = Qd/ P is negative c = Qd/ M is positive c = Qd/ M is negative d = .

• Kinh tế học
• Managerial economics
• Lecture Managerial economics
• Microeconomic theory
• Economic theory
• Quantity demanded
• Market equilibrium
• Market interactions
• Fundamentals of managerial economics
• Marginal analysis
• Marginal benefit
• Economic principles
• Kinh tế học quản lý
• Price discrimination
• Monopolistic competition
• Oligopoly games
• Traditional oligopoly models
• Capital market
• Labour market
• Economic equations
• Economic applications
• Economic applications of derivatives
• Economic application
• Multi variable functions
• Constrained optimization
• Scatter diagram
• Forms of money
• Monetary policy
• Perfect competition
• Demand function
• Supply function
• Quantitative demand analysis
• Theory of individual behavior
• Demand estimation
• Production function
• Costs of production
• Organizing production