My intent for this is to allow you the chance to ask questions you may not have had time for or wanted to in class. You can also comment on information if you prefer, or if you don't have questions. This will become required by next week - 2 posts per week. They will go in as "comments", and will be able to be viewed by everyone else, hopefully stirring up some discussion. "Week" will be defined as Monday 12:00 am through Sunday 11:59 pm. And yes, you can make them both at the same time if you need to - but they must be substantially different. And yes, you may answer someone else's question. I may not check daily, so feel free to (PLEASE!) answer someone else's questions! :)
Today, we looked at what constitutes Demand and the difference between quantity demanded and demand. This is really important - I know it seems trivial, but the difference is something that they've looked at on the national exam - and if you're writing your essay and you use the wrong one, you will not get the point for it.
Here is the animated .gif I used in class today: http://www.reffonomics.com/demand1.html
And here is what you'll look at tomorrow:
We'll go over them in class if I'm here tomorrow, if not, then we'll go over them on Thursday.
So - a question for you. Let me see...umm... We'll go for three. See what you can do with these. Do you agree or disagree, and why?
1. The price of a good rises, causing the demand for another good to fall. The two goods are therefore substitutes.
2. The price of good A falls. This causes an increase in the price of good B. Goods A and B are therefore complements.
3. Two normal goods cannot be substitutes for each other.
What do you think?