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Oct 28 2007, 11:09 AM EDT
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julie.lin
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Change: There were only format changes (bold, italics, etc.) in this version. See this version for details.
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Sep 27 2007, 1:31 PM EDT
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dayzrox
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Change: does did on the last dollar spent on A.The Substitution effect (Explains why demand curves are downsloping) The impact that a change in a product's price has on its relative expensiveness and consequently
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Sep 27 2007, 1:29 PM EDT
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dayzrox
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Change: - Substitution is employed to restore equilibrium caused by an imbalance. Such imbalance occurs when the price of product A falls and leads to the last dollar spent on imaginary product B to yield more utility than it does on the last dollar spent on A.The Substitution effect
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Sep 26 2007, 11:35 AM EDT
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HowardJing
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Change: consumers total income, and quantity demanded may fall.The Substitution effect The substitution effect is the impact that a change in a product's price has on its relative expensiveness and consequently on the quantity demanded. The income and subsitution effects explain why the downward slope of a demand curve.Example:
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Sep 26 2007, 9:19 AM EDT
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drewvenkatraman
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Change: the downward slope of a demand curve. Example: When the price of Beef sky rockets from $1 per pound to $4 per pound, the Qd will decrease. This causes the downward slope of beef, and in return will change other substitute good's Qd.
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Sep 26 2007, 7:04 AM EDT
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TimChu
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Change: , then total utility decreasesDeriving the Demand Schedule and Curve: A downward sloping demand curve is derived by changing the price of one product in the consumer-behavior model and then noting how that changes the maximum utility received from that demanded product. A demand schedule
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Sep 26 2007, 7:03 AM EDT
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TimChu
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Change: , then total utility decreasesDeriving the Demand Schedule and Curve: A downward sloping demand curve is derived by changing the price of one product in the consumer-behavior model and then noting how that changes the maximum utility received from that demanded product. A demand schedule can
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Sep 25 2007, 8:32 AM EDT
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julie.lin
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Change: to maximize satisfaction, a consumer should allocate his or her money income so that the last dollar spent on each product yields the same amount of extra utility. Marginal utility per $ should be equal for each product you buy.Deriving the Demand Schedule and Curve:A downward
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Sep 9 2007, 9:25 PM EDT
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mrdaily
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Change: A downward sloping demand curve is derived by changing the price of one product in the consumer-behavior model and then noting how that changes the maximum utility received from that demanded product.A demand schedule can simply be learned by finding
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Sep 9 2007, 9:13 PM EDT
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andyxu
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Change: income and consequently on the quantity demanded of that good. The substitution effects:effect is the impact that a change in a product's price has on its relative expensiveness and consequently on the quantity demanded. The income and subsitution effects explain why the downward slope of a demand curve.
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Sep 9 2007, 3:03 AM EDT
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welkerjason
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Change: Deriving the Demand Schedule and Curve:Income and substitution effects:
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Sep 9 2007, 3:02 AM EDT
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welkerjason
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Change: Created by Sep 9 2007, 3:02 AM EDT for: no reason given
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