الكتاب الإنجليزى

After reading Chapter 2 and working the problems for Chapter 2 in the textbook and in
this Workbook, you should be able to:
�� Work with three different types of demand relations: general, direct, and inverse
demand functions.
�� List six principal variables that determine the quantity demanded of a good.
�� Derive a direct demand function from a general demand function.
�� Give two interpretations of a point on a demand curve.
�� Find inverse demand functions.
�� Distinguish between changes in “quantity demanded” (i.e., a movement along demand)
and changes in “demand” (i.e., a shift in the demand curve)
�� Work with three different types of supply relations: general, direct, and inverse
supply functions.
�� List six principal variables that determine the quantity supplied of a good.
�� Distinguish between changes in “quantity supplied” (i.e., a movement along supply)
and changes in “supply” (i.e., a shift in the supply curve)
�� Explain why market equilibrium occurs at the price for which quantity demanded
equals quantity supplied (i.e., neither excess demand nor excess supply exist).
�� Employ the concepts of consumer surplus, producer surplus, and social surplus to
measure the gains to society from market exchange between buyers and sellers.
�� Explain why the demand price for any particular unit demanded can be interpreted
as the economic value of that unit (i.e., the maximum amount anyone would pay
for that unit of the good).
�� Analyze the impact on equilibrium price and quantity of a shift in either the demand
curve or the supply curve, while the other curve remains constant.
�� Analyze simultaneous shifts in both demand and supply curves.
�� Explain the impact of government imposed price ceilings and price floors.