CHAPTER7
Supply and Demand
In This Chapter
- Understanding the supply and demand model
- Steps to construct a demand curve and a supply curve
- Identifying the equilibrium point of supply and demand
- The effect of external factors on the supply and demand curves
- Calculating the elasticity of demand and supply
Supply and demand is a concept that most people understand intuitively because they have a lot of experience buying products they need and want. When your supermarket has a large supply of your favorite crackers, they will mark down the price to sell their inventory. When the store has difficulty getting a supply of your popular cracker brand, ...
Get Economics now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
