Economics class notes
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  1. # February 7 Notes
  2. ## Bell Ringer
  3. ### How would the following change demand?
  4. - Increase in price of good
  5. - decrease
  6. - Increase in household income and demand for good
  7. - increase
  8. - Demand for good after negative news about a substitute good is spread
  9. - increase
  10. - Expected price increase in good
  11. - increase (but will decrease after the price increases)
  12. - Reduction in price of substitute good
  13. - decrease (but increase for the substitute)
  14. - Increase in price of compliment good
  15. - decrease
  16. ## What makes demand more or less elastic?
  17. - Necessities vs Luxuries
  18. - Supply
  19. - Share of income spent on good (it's worth less to you if you're rich)
  20. - Time (waiting = elastic)
  21. - Who pays