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  • ECON 100 - Chapter 2

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    Felipe Rodrigo
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    Your wants and their intensities hat you are willin! to!i"e up depends on a"ailable substitutes and their costs hat you can #afford$ is not %ust about &oney' it is also about ti&e( )ou ha"e li&ited dollars and li"ited ti!e( ).

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    ECON 100- Chapter 2

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    Your wants and their intensities hat you are willin! to!i"e up depends on a"ailable substitutes and their costs hat you can #afford$ is not %ust about &oney' it is also about ti&e( )ou ha"e li&ited dollars and li"ited ti!e( ).

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

    ECON 100 - Chapter 2

    Uploaded by

    Felipe Rodrigo
    Your wants and their intensities hat you are willin! to!i"e up depends on a"ailable substitutes and their costs hat you can #afford$ is not %ust about &oney' it is also about ti&e( )ou ha"e li&ited dollars and li"ited ti!e( ).

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    ECON 100 Chapter 2

    How badly do you want it? Preferences: your wants and their intensities hat you are willin! to !i"e up depends on a"ailable substitutes and their costs hat you can #afford$ is not %ust about &oney' it is also about ti&e( )ou ha"e li&ited dollars and li&ited ti&e( *e&and: consu&ers+ willin!ness and ability to pay for a particular product,ser"ice -ar!inal benefit: additional benefit fro& a choice' and chan!es with circu&stances hat+s &ore "aluable in pro"idin! benefit or sur"i"al dia&onds or water? illi!ness to pay' a .ey part of de&and' depends on &ar!inal benefit' not total benefit( /uantity de&anded: a&ount you actually plan to buy at a !i"en price hen the price of a product rises' consu&ers switch to cheaper substitutes( 0he 1uantity de&anded of the ori!inal product' at the now hi!her price' decreases(

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