Class Guide February 5th

1
Class Guide February 5th

• Write down the basic concept and fill in the
  blanks with the presentation
• Equilibrium _____________________________________
  _______________.
• The linear equation for a demand or supply curve
  can be written as ____________
• where b is slope of the curve, typically b
  should be ______(positive/negative) for a demand
  curve and _______(positive/negative for a supply
  curve).
• Excess Demand ___________________________________
  _____________.
• In excess demand, price of the good will ______
  as _______ compete with each other to get more of
  the good than is available.
• Excess Supply ___________________________________
  ______________.
• In excess supply, price of the good will ______
  as ________ compete with each other to sell more
  of the good than buyers want
• When Demand increases only, PE _______, and QE
  _______
• When Demand decreases only, PE _______, and QE
  _______
• When Supply increases only, PE _______, and QE
  _______
• When Supply decreases only, PE _______, and QE
  _______
• When both Demand and Supply increase, PE
  ___________, and QE _____________
• When both Demand and Supply decrease, PE
  ___________, and QE _____________
• When both Demand increases and Supply decreases,
  PE ___________, and QE _____________
• When both Demand decreases and Supply increases,
  PE ___________, and QE _____________