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What is the formula?

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If the coefficient is positive the goods can be classified as normal goods, and negative is a inferior good

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demand is the quantity hat consumers want to buy and are willing to buy from a buyer

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If the coefficient is negative the goods are complementary, and if positive it is a substitute

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It is when every buyer has a seller and all things are equal ceteris parabus

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percent change in QD/ percent change in income

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Joint Supply is when the supply of two or more goods are jointed together

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What are the 6 non-price determinants for supply?

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What are the 6 non-price determinants for supply?

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Subsides& taxes
Technology
other related goods
recourses cost
Expectation
size of the market

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Some of the determinants of demand include tastes, Income, expectation, and # of consumers

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Equilibrium is the point at which QD and QS are equal or at equilibrium.

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stands for price elasticity of supply

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When QD and QS are equal and a certain price

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As price increases QS also increases and vice versa

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As price rises QD falls and vice versa

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What makes something more price elastic?

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What makes something more price elastic?

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What happens if it isn't in equilibrium?

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What happens if it isn't in equilibrium?