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Supply & Demand

Differences between Supply & Demand
by

Xavier Foster

on 14 May 2010

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Transcript of Supply & Demand

Demand goes up when price goes up and quantity goes down. Demand goes down when price goes down and quantity goes up. Supply goes up when price and quantity goes up. Supply goes down when price and quantity goes down. Law of Demand Law of Supply Elasticity A measure of responsiveness that tells us how a dependent variable such as quantity responds to a change in an indepent variable such as price. Demand Elasticity A measure of responsiveness relating change in quantity demanded. Supply Elasticity A measure of the way in which quantity supplied responds to a change in price.
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