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  • Chapter 5 Notes Principles of Microeconomics

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    Derek Ng
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    Notes for Miyanishi\'s Econ1A class on Principles of Microeconomics Chap 5

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    Notes for Miyanishi\'s Econ1A class on Principles of Microeconomics Chap 5

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    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    100 views1 page

    Chapter 5 Notes Principles of Microeconomics

    Uploaded by

    Derek Ng
    Notes for Miyanishi\'s Econ1A class on Principles of Microeconomics Chap 5

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Chapter 5 Notes on Econ 1A

    -the law of demand


    -consumers buy a good if benefit is greater or equal to cost
    -costs are included in price of a good
    -benefit is measured by buyer’s reservation price

    -origins of demand
    -wants (preferences or tastes) determines buyer’s reservation price
    -“trends” can affect tastes or demand
    -ie social forces

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