Thursday, August 26, 2004

LE 2 : Market Mechanism

*Supply and Demand: The Market Mechanism
( Notes )

*The Market System - Part 1 ( interactive resources )
-The Demand Curve
-Price Elasticity of Demand
-The formula

To calculate the PED we use the following formula:

PED = % Δ in Quantity Demanded (Qd) / %Δ in Price (P)

*The Market System - Part 2( interactive resources )
-Shifts in the Demand Curve
-The Supply Curve
-Factors influencing the level of supply

The Market System - Part 3( interactive resources )
-Putting Demand and Supply Together: The Market Mechanism

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