After complete review of questions 23-33 in the Chap 5.3 review the class will focus on the interactions of the Law of Supply and the Law of Demand and how changes in various forces will shift how a market operates.
Some students found the following annotated graph useful in understanding the concept of marginal cost of production, and profit.
Next the class consider the intersection of the supply curve and demand curve. The class studied the two lectures linked below to learn how understanding the intersection of supply and demand and price provides understanding of market dynamics.
Market equilibrium and changes in market equilibrium
Some students found the following annotated graph useful in understanding the concept of marginal cost of production, and profit.
Next the class consider the intersection of the supply curve and demand curve. The class studied the two lectures linked below to learn how understanding the intersection of supply and demand and price provides understanding of market dynamics.
Market equilibrium and changes in market equilibrium
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