Developed a model of a market utilizing supply and, Microeconomics

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Developed a model of a market utilizing supply and

Essay question:

1. Developed a model of a market utilizing supply and demand.

What are the dominant variables or parameters?

2. What is surplus and what is shortage? DEMONSTRATE

3. Via the model explain the dynamic changes that can happen in a market ( give example)

4. Relate tje micro economic model of supply and demand to the macroeconomic model of aggregate demand and aggregate supply?

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Microeconomics: Developed a model of a market utilizing supply and

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Microeconomics: Developed a model of a market utilizing supply and

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