Demand, supply, and market equilibrium

By the end you’ll be able to

• Explain the demand function and supply function, distinguish a movement along a curve from a shift of a curve, and identify factors that cause changes in demand and supply.
• Determine the market equilibrium price and quantity and analyze how changes in demand, supply, or both affect equilibrium outcomes.
• Calculate, interpret, and compare price elasticity of demand, income elasticity of demand, and cross-price elasticity of demand, and classify goods using elasticity concepts.