List the Five Non-Price Determinants of
Demand:
________, ________, ________, ________,
________
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List the Six Non-Price Determinants of Supply:
________, ________, ________, ________, ________,
________
|
Fill in the blanks with either
or
Pe
-- expected price
Pe
in the future
____D today
Pe
in the future
____ D today
Pog
-- price of other goods
1) substitute goods
IF: P
Maxwell House coffee
____ D Folgers coffee
If:
P of one product
____ D of its sustitute
2) complementary goods
P of wieners
____ D of buns
P
of one product
____ D of its
compliment
I
-- income
1) normal goods
Income
____ D
for normal goods
Income
____ D for normal goods
2) inferior goods
Income
____ D for inferior goods
Income
____ D
for inferior goods
Npot
-- number of POTENTIAL consumers
Npot
____
D
Npot
____ D
T
-- tastes and preferences
Tastes
for a product
____ D
for that product
Tastes
for a product
____ D for that product
|
Fill in the blanks with either
or
Pe
-- expected price
Pe in the future
____ S today
Pe in the future
____ S today
Pog
-- price of other goods ALSO PRODUCED BY THE FIRM
P soybeans
____ S corn
P soybeans
____ S corn
Pres
-- price of resources
P autoworkers wages
costs of producing cars
____ S cars
Pres
costs
____ S
Pres
costs ____
S
Tech
--technology
Improved technology
costs
____ S
Tax
--taxes and subsidies
Taxes
costs
____ S
Taxes
costs
____ S
Subsidies
costs
____ S
Subsidies
costs
____ S
N
-- number of producers/sellers
Nprod
____ S
Nprod
____ S
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