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the supply function , depends on the price at which the good can be sold as well as the cost of production for an additional unit of the good. The greater the difference between those two values, the greater is the willingness of producers to supply the good.
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3.3. The Supply Function and the Supply Curve
ervice is called supply. In general, producers are willing to sell their product for a price as long as that price is at least as high as the cost to produce an additional unit of the product. It follows that the willingness to supply, called <span>the supply function , depends on the price at which the good can be sold as well as the cost of production for an additional unit of the good. The greater the difference between those two values, the greater is the willingness of producers to supply the good. In another reading, we will explore the cost of production in greater detail. At this point, we need to understand only the basics of cost. At its simplest level, productio




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At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors.
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3.3. The Supply Function and the Supply Curve
between those two values, the greater is the willingness of producers to supply the good. In another reading, we will explore the cost of production in greater detail. At this point, we need to understand only the basics of cost. <span>At its simplest level, production of a good consists of transforming inputs, or factors of production (such as land, labor, capital, and materials) into finished goods and services. Economists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors. Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For si




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Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For simplicity, we can assume that the only input in a production process is labor that must be purchased in the labor market. The price of an hour of labor is the wage rate, or W. Hence, we can say that (for any given level of technology) the willingness to supply a good depends on the price of that good and the wage rate.
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3.3. The Supply Function and the Supply Curve
nomists refer to the “rules” that govern this transformation as the technology of production . Because producers have to purchase inputs in factor markets, the cost of production depends on both the technology and the price of those factors. <span>Clearly, willingness to supply is dependent on not only the price of a producer’s output, but also additionally on the prices (i.e., costs) of the inputs necessary to produce it. For simplicity, we can assume that the only input in a production process is labor that must be purchased in the labor market. The price of an hour of labor is the wage rate, or W. Hence, we can say that (for any given level of technology) the willingness to supply a good depends on the price of that good and the wage rate. This concept is captured in the following equation, which represents an individual seller’s supply function: Equation (7)  Qsx=f(Px,W,…) where Qsx




Supply Function
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This concept is captured in the following equation, which represents an individual seller’s supply function:

Equation (7) 

Qsx=f(Px,W,…)

where Qsx is the quantity supplied of some good X, such as gasoline, Px is the price per unit of good X, and W is the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.”

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3.3. The Supply Function and the Supply Curve
that must be purchased in the labor market. The price of an hour of labor is the wage rate, or W. Hence, we can say that (for any given level of technology) the willingness to supply a good depends on the price of that good and the wage rate. <span>This concept is captured in the following equation, which represents an individual seller’s supply function: Equation (7)  Qsx=f(Px,W,…) where Qsx is the quantity supplied of some good X, such as gasoline, P x is the price per unit of good X, and W is the wage rate of labor in, say, dollars per hour. It would be read, “The quantity supplied of good X depends on (is a function of) the price of X (its “own” price), the wage rate paid to labor, etc.” Just as with the demand function, we can consider a simple hypothetical example of a seller’s supply function. As mentioned earlier, economists often will simplify their an




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Qsx=−175+250Px−5W

Notice that this supply function says that for every increase in price of $1, this seller would be willing to supply an additional 250 units of the good. Additionally, for every $1 increase in wage rate that it must pay its laborers, this seller would experience an increase in marginal cost and would be willing to supply five fewer units of the good.

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3.3. The Supply Function and the Supply Curve
unctions, although that is not to say that all demand and supply functions are necessarily linear. One hypothetical example of an individual seller’s supply function for gasoline is given in Equation 8: Equation (8)  <span>Qsx=−175+250Px−5W Notice that this supply function says that for every increase in price of $1, this seller would be willing to supply an additional 250 units of the good. Additionally, for every $1 increase in wage rate that it must pay its laborers, this seller would experience an increase in marginal cost and would be willing to supply five fewer units of the good. We might be interested in the relationship between only two of these variables, price and quantity supplied. Just as we did in the case of the demand function, we use the a




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The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity.
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3.3. The Supply Function and the Supply Curve
nly the two variables Qsx and P x appear. Once again, we can solve this equation for P x in terms of Qsx , which yields the inverse supply function in Equation 10: Equation (10)  P x = 1 + 0.004Q x   <span>The graph of the inverse supply function is called the supply curve , and it shows simultaneously the highest quantity willingly supplied at each price and the lowest price willingly accepted for each quantity. For example, if the price of gasoline were $3 per gallon, Equation 9 implies that this seller would be willing to sell 500 gallons per week. Alternatively, the lowest price she would ac




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a change in the (own) price of a product causes a change in the quantity of that good willingly supplied. A rise in price typically results in a greater quantity supplied, and a lower price results in a lower quantity supplied. Hence, the supply curve has a positive slope, in contrast to the negative slope of a demand curve. This positive relationship is often referred to as the law of supply .
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3.3. The Supply Function and the Supply Curve
ek. The increase in price has enticed the seller to supply a greater quantity of gasoline per week than at the lower price. 3.4. Changes in Supply vs. Movements along the Supply Curve As we saw earlier, <span>a change in the (own) price of a product causes a change in the quantity of that good willingly supplied. A rise in price typically results in a greater quantity supplied, and a lower price results in a lower quantity supplied. Hence, the supply curve has a positive slope, in contrast to the negative slope of a demand curve. This positive relationship is often referred to as the law of supply . What happens when a variable other than own-price takes on different values? We could answer this question in our example by assuming a different value for wage rate, say,




Article 1425750756620

3.5. Aggregating the Demand and Supply Functions
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We have explored the basic concept of demand and supply at the individual household and the individual supplier level. However, markets consist of collections of demanders and suppliers, so we need to understand the process of combining these individual agents’ behavior to arrive at market demand and supply functions. The process could not be more straightforward: simply add all the buyers together and add all the sellers together. Suppose there are 1,000 identical gasoline buyers in our hypothetical example, and they represent the total market. At, say, a price of $3 per gallon, we find that one household would be willing to purchase 10 gallons per week (when income and price of automobiles are held constant at $50,000 and $20,000, respectively). So, 1,000 identical buyers would be willing to purchase 10,000 gallons collectively. It follows that to aggregate 1,000 buyers’ demand functions, simply multiply each buyer’s quantity demanded by 1,000: Equation (13)  Qdx=1,000(8.4−0.4Px+0.06I−



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Aggregating Supply Functions

An individual seller’s monthly supply of downloadable e-books is given by the equation

Qseb=−64.5+37.5Peb−7.5W

where Qseb is number of e-books supplied, Peb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market.

  1. Determine the market aggregate supply function.

  2. Determine the inverse market supply function.

  3. Determine the slope of the aggregate market supply curve.

Solution to 1:

Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight:

Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W

Solution to 2:

Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for Peb to find the inverse supply function:

Qeb = –1,116 + 300Peb

Inverting, Peb = 3.72 + 0.0033Qeb

Solution to 3:

The slope of the supply curve is the coefficient on Qeb in the inverse supply function, which is 0.0033.

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3.5. Aggregating the Demand and Supply Functions
5Q eb Solution to 3: The slope of the market demand curve is the coefficient on Q eb in the inverse demand function, which is −0.0025. EXAMPLE 5 <span>Aggregating Supply Functions An individual seller’s monthly supply of downloadable e-books is given by the equation Qseb=−64.5+37.5Peb−7.5W where Qseb is number of e-books supplied, P eb is the price of e-books in euros, and W is the wage rate in euros paid by e-book sellers to laborers. Assume that the price of e-books is €10.68 and wage is €10. The supply side of the market consists of a total of eight identical sellers in this competitive market. Determine the market aggregate supply function. Determine the inverse market supply function. Determine the slope of the aggregate market supply curve. Solution to 1: Aggregating supply functions means summing up the quantity supplied by all sellers. In this case, there are eight identical sellers, so multiply the individual seller’s supply function by eight: Qseb=8(−64.5+37.5Peb−7.5W)=−516+300Peb−60W Solution to 2: Holding W constant at a value of €10, insert that value into the aggregate supply function and then solve for P eb to find the inverse supply function: Q eb = –1,116 + 300P eb Inverting, P eb = 3.72 + 0.0033Q eb Solution to 3: The slope of the supply curve is the coefficient on Q eb in the inverse supply function, which is 0.0033. <span><body><html>




Article 1425756785932

3.6. Market Equilibrium
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An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the highest price a buyer is willing to pay is just equal to the lowest price a seller is willing to accept for that same quantity. As we have discovered in the earlier sections, the demand curve shows (for given values of income, other prices, etc.) an infinite number of combinations of prices and quantities that satisfy the demand function. Similarly, the supply curve shows (for given values of input prices, etc.) an infinite number of combinations of prices and quantities that satisfy the supply function. Equilibrium occurs at the unique combination of price and quantity that si



#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the highest price a buyer is willing to pay is just equal to the lowest price a seller is willing to accept for that same quantity
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3.6. Market Equilibrium
An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the highest price a buyer is willing to pay is just equal to the lowest price a seller is willing to accept for that same quantity. As we have discovered in the earlier sections, the demand curve shows (for given values of income, other prices, etc.) an infinite number of combinations of prices and qua




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An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price.
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An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the high

Original toplevel document

3.6. Market Equilibrium
An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the highest price a buyer is willing to pay is just equal to the lowest price a seller is willing to accept for that same quantity. As we have discovered in the earlier sections, the demand curve shows (for given values of income, other prices, etc.) an infinite number of combinations of prices and qua




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An important concept in the market model is [...] , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price.

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Open it
An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price.</s

Original toplevel document

3.6. Market Equilibrium
An important concept in the market model is market equilibrium , defined as the condition in which the quantity willingly offered for sale by sellers at a given price is just equal to the quantity willingly demanded by buyers at that same price. When that condition is met, we say that the market has discovered its equilibrium price. An alternative and equivalent condition of equilibrium occurs at that quantity at which the highest price a buyer is willing to pay is just equal to the lowest price a seller is willing to accept for that same quantity. As we have discovered in the earlier sections, the demand curve shows (for given values of income, other prices, etc.) an infinite number of combinations of prices and qua







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Algebraically, we can find equilibrium price by setting the demand function equal to the supply function and solving for price. Recall that in our hypothetical example of a local gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W)
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3.6. Market Equilibrium
ept, as indicated by the shaded arrows. But for all quantities above Q∗x , the lowest price willingly accepted by sellers is greater than the highest price willingly offered by buyers. Clearly, trades will not be made beyond Q∗x. <span>Algebraically, we can find equilibrium price by setting the demand function equal to the supply function and solving for price. Recall that in our hypothetical example of a local gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W) . Those expressions are called behavioral equations because they model the behavior of, respectively, buyers and sellers. Variables other than own price and quantity are determined ou




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behavioral equations because they model the behavior of, respectively, buyers and sellers.
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3.6. Market Equilibrium
the supply function and solving for price. Recall that in our hypothetical example of a local gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W) . Those expressions are called <span>behavioral equations because they model the behavior of, respectively, buyers and sellers. Variables other than own price and quantity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Pric




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Variables other than own price and quantity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables
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3.6. Market Equilibrium
al gasoline market, the demand function was given by Qdx=f(Px,I,Py) , and the supply function was given by Qsx=f(Px,W) . Those expressions are called behavioral equations because they model the behavior of, respectively, buyers and sellers. <span>Variables other than own price and quantity are determined outside of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three un




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In our example, there are three exogenous variables (I, Py, and W) and three endogenous variables: Px, Qdx , and Qsx .

Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply Qdx=Qsx .
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3.6. Market Equilibrium
e of the demand and supply model of this particular market. Because of that, they are called exogenous variables . Price and quantity, however, are determined within the model for this particular market and are called endogenous variables . <span>In our simple example, there are three exogenous variables (I, P y , and W) and three endogenous variables: P x , Qdx , and Qsx . Hence, we have a system of two equations and three unknowns. We need another equation to solve this system. That equation is called the equilibrium condition , and it is simply Qdx=Qsx . Continuing with our hypothetical examples, we could assume that income equals $50 (thousand, per year), the price of automobiles equals $20 (thousand, per automobile), and




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Note that our system of equations requires explicit values for the exogenous variables to find a unique equilibrium combination of price and quantity. Conceptually, the values of the exogenous variables are being determined in other markets, such as the markets for labor, automobiles, and so on, whereas the price and quantity of gasoline are being determined in the gasoline market.
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3.6. Market Equilibrium
Q x = 1 + 0.0002Q x   and solved for equilibrium, Q x = 10,000. That is to say, for the given values of I and W, the unique combination of price and quantity of gasoline that results in equilibrium is (3, 10,000). <span>Note that our system of equations requires explicit values for the exogenous variables to find a unique equilibrium combination of price and quantity. Conceptually, the values of the exogenous variables are being determined in other markets, such as the markets for labor, automobiles, and so on, whereas the price and quantity of gasoline are being determined in the gasoline market. When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis . In many cases, we can gain sufficient




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When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis
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3.6. Market Equilibrium
uantity. Conceptually, the values of the exogenous variables are being determined in other markets, such as the markets for labor, automobiles, and so on, whereas the price and quantity of gasoline are being determined in the gasoline market. <span>When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis . In many cases, we can gain sufficient insight into a market of interest without addressing feedback effects to and from all the other markets that are tangentially involved with this




#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4
In many cases, we can gain sufficient insight into a market of interest without addressing feedback effects to and from all the other markets that are tangentially involved with this one. At other times, however, we need explicitly to take account of all the feedback mechanisms that are going on in all markets simultaneously. When we do that, we are engaging in what is called general equilibrium analysis .
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3.6. Market Equilibrium
so on, whereas the price and quantity of gasoline are being determined in the gasoline market. When we concentrate on one market, taking values of exogenous variables as given, we are engaging in what is called partial equilibrium analysis . <span>In many cases, we can gain sufficient insight into a market of interest without addressing feedback effects to and from all the other markets that are tangentially involved with this one. At other times, however, we need explicitly to take account of all the feedback mechanisms that are going on in all markets simultaneously. When we do that, we are engaging in what is called general equilibrium analysis .For example, in our hypothetical model of the local gasoline market, we recognize that the price of automobiles, a complementary product, has an impact on the demand for gasoline. If the




Article 1425774611724

3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
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It is one thing to define equilibrium as we have done, but we should also understand the mechanism for reaching equilibrium. That mechanism is what takes place when the market is not in equilibrium. Consider our hypothetical example. We found that the equilibrium price was 3, but what would happen if, by some chance, price was actually equal to 4? To find out, we need to see how much buyers would demand at that price and how much sellers would offer to sell by inserting 4 into the demand function and into the supply function. In the case of quantity demanded, we find that Equation (21)  Qdx=11,200−400(4)=9,600 and in the case of quantity supplied, Equation (22)  Qsx=−5,000+5,000(4)=15,000 Clearly, the quantity supplied is greater than the quantity demanded, resulting in a condition called excess supply , as illustrated in Exhibit 8. In our example, there are 5,400 more units of this good offered for sale at a price of 4 than are demanded at that price. Exhibit



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To reach equilibrium, price must adjust until there is neither an excess supply nor an excess demand. That adjustment is called the market mechanism , and it is characterized in the following way: In the case of excess supply, price will fall; in the case of excess demand, price will rise; and in the case of neither excess supply nor excess demand, price will not change.
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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
t buyers are willing to purchase 5,400 more units than sellers are willing to offer. This result is shown in Exhibit 9. Exhibit 9. Excess Demand as a Consequence of Price below Equilibrium Price <span>To reach equilibrium, price must adjust until there is neither an excess supply nor an excess demand. That adjustment is called the market mechanism , and it is characterized in the following way: In the case of excess supply, price will fall; in the case of excess demand, price will rise; and in the case of neither excess supply nor excess demand, price will not change. EXAMPLE 7 Identifying Excess Demand or Excess Supply at a Non-equilibrium Price In the local market for e-books, the aggregate demand i




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Note that there are two combinations of price and quantity that would equate quantity supplied and demanded, hence two equilibria. The lower-priced equilibrium is stable, with a positively sloped supply curve and a negatively sloped demand curve. However, the higher-priced equilibrium is unstable because at a price above that equilibrium price there would be excess demand, thus driving price even higher. At a price below that equilibrium there would be excess supply, thus driving price even lower toward the lower-priced equilibrium, which is a stable equilibrium.

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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
elow equilibrium because there would be excess supply. If supply were non-linear, there could be multiple equilibria, as shown in Exhibit 11. Exhibit 11. Stability of Equilibria: II <span>Note that there are two combinations of price and quantity that would equate quantity supplied and demanded, hence two equilibria. The lower-priced equilibrium is stable, with a positively sloped supply curve and a negatively sloped demand curve. However, the higher-priced equilibrium is unstable because at a price above that equilibrium price there would be excess demand, thus driving price even higher. At a price below that equilibrium there would be excess supply, thus driving price even lower toward the lower-priced equilibrium, which is a stable equilibrium. Observation suggests that most markets are characterized by stable equilibria. Prices do not often shoot off to infinity or plunge toward zero. However, occasionally we do




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Observation suggests that most markets are characterized by stable equilibria. Prices do not often shoot off to infinity or plunge toward zero. However, occasionally we do observe price bubbles occurring in real estate, securities, and other markets. It appears that prices can behave in ways that are not ultimately sustainable in the long run. They may shoot up for a time but ultimately, if they do not reflect actual valuations, the bubble can burst resulting in a “correction” to a new equilibrium.
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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
price there would be excess demand, thus driving price even higher. At a price below that equilibrium there would be excess supply, thus driving price even lower toward the lower-priced equilibrium, which is a stable equilibrium. <span>Observation suggests that most markets are characterized by stable equilibria. Prices do not often shoot off to infinity or plunge toward zero. However, occasionally we do observe price bubbles occurring in real estate, securities, and other markets. It appears that prices can behave in ways that are not ultimately sustainable in the long run. They may shoot up for a time but ultimately, if they do not reflect actual valuations, the bubble can burst resulting in a “correction” to a new equilibrium. As a simple approach to understanding bubbles, consider a case in which buyers and sellers base their expectations of future prices on the rate of change of current prices:




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This is price bubbles, buyers and sellers base their expectations of future prices: if price rises, they take that as a sign that price will rise even further.

If buyers see an increase today, they shift the demand curve to the right, desiring to buy more today because they think they would pay more in the future.

Sellers at the same time see an increase in today’s price and think that price will be even higher in the future, they don't sell today holding out for higher prices tomorrow, and that would shift the supply curve to the left.

With a rightward shift in demand and a leftward shift in supply, buyers’ and sellers’ expectations about price are confirmed and the process begins again. This scenario could result in a bubble that would inflate until someone decides that such high prices can no longer be sustained. The bubble bursts and price plunges.
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3.7. The Market Mechanism: Iterating toward Equilibrium—or Not
can behave in ways that are not ultimately sustainable in the long run. They may shoot up for a time but ultimately, if they do not reflect actual valuations, the bubble can burst resulting in a “correction” to a new equilibrium. <span>As a simple approach to understanding bubbles, consider a case in which buyers and sellers base their expectations of future prices on the rate of change of current prices: if price rises, they take that as a sign that price will rise even further. Under these circumstances, if buyers see an increase in price today, they might actually shift the demand curve to the right, desiring to buy more at each price today because they expect to have to pay more in the future. Alternately, if sellers see an increase in today’s price as evidence that price will be even higher in the future, they are reluctant to sell today as they hold out for higher prices tomorrow, and that would shift the supply curve to the left. With a rightward shift in demand and a leftward shift in supply, buyers’ and sellers’ expectations about price are confirmed and the process begins again. This scenario could result in a bubble that would inflate until someone decides that such high prices can no longer be sustained. The bubble bursts and price plunges. <span><body><html>




Article 1425782476044

3.8. Auctions as a Way to Find Equilibrium Price
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Sometimes markets really do use auctions to arrive at equilibrium price. Auctions can be categorized into two types depending on whether the value of the item being sold is the same for each bidder or is unique to each bidder. The first case is called a common value auction in which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settlement, however, bidders must estimate that true value. An example of a common value auction would be bidding on a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value. In the second case, called a private value auction , each buyer places a subjective value on the item, and in general their values differ. An example might be an auction for a unique piece of art that buyers are hoping to purchase for their own personal enjoyment, not primarily as an investment to be sold later. A



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Sometimes markets really do use auctions to arrive at equilibrium price. Auctions can be categorized into two types depending on whether the value of the item being sold is the same for each bidder or is unique to each bidder.
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3.8. Auctions as a Way to Find Equilibrium Price
Sometimes markets really do use auctions to arrive at equilibrium price. Auctions can be categorized into two types depending on whether the value of the item being sold is the same for each bidder or is unique to each bidder. The first case is called a common value auction in which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settle




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The first case is called a common value auction in which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settlement, however, bidders must estimate that true value. An example of a common value auction would be bidding on a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value.
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3.8. Auctions as a Way to Find Equilibrium Price
> Sometimes markets really do use auctions to arrive at equilibrium price. Auctions can be categorized into two types depending on whether the value of the item being sold is the same for each bidder or is unique to each bidder. <span>The first case is called a common value auction in which there is some actual common value that will ultimately be revealed after the auction is settled. Prior to the auction’s settlement, however, bidders must estimate that true value. An example of a common value auction would be bidding on a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value. In the second case, called a private value auction , each buyer places a subjective value on the item, and in general their values differ. An example might be an auction for a unique p




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In the second case, called a private value auction , each buyer places a subjective value on the item, and in general their values differ. An example might be an auction for a unique piece of art that buyers are hoping to purchase for their own personal enjoyment, not primarily as an investment to be sold later.
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3.8. Auctions as a Way to Find Equilibrium Price
true value. An example of a common value auction would be bidding on a jar containing many coins. Each bidder could estimate the value; but until someone buys the jar and actually counts the coins, no one knows with certainty the true value. <span>In the second case, called a private value auction , each buyer places a subjective value on the item, and in general their values differ. An example might be an auction for a unique piece of art that buyers are hoping to purchase for their own personal enjoyment, not primarily as an investment to be sold later. Auctions also differ according to the mechanism used to arrive at a price and to determine the ultimate buyer. These mechanisms include the ascending price (or English) auc




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Perhaps the most familiar auction mechanism is the ascending price auction in which an auctioneer is selling a single item in a face-to-face arena where potential buyers openly reveal their willingness to buy the good at prices that are called out by an auctioneer. The auctioneer begins at a low price and easily elicits nods from buyers.
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3.8. Auctions as a Way to Find Equilibrium Price
o determine the ultimate buyer. These mechanisms include the ascending price (or English) auction, the first price sealed bid auction, the second price sealed bid (or Vickery) auction, and the descending price (or Dutch) auction. <span>Perhaps the most familiar auction mechanism is the ascending price auction in which an auctioneer is selling a single item in a face-to-face arena where potential buyers openly reveal their willingness to buy the good at prices that are called out by an auctioneer. The auctioneer begins at a low price and easily elicits nods from buyers. He then raises the price incrementally. In a common value auction, buyers can sometimes learn something about the true value of the item being auctioned from observing other bidders. Ul




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Another Dutch auction variation, also involving a single price and called a single price auction , is used in selling US Treasury securities.6The single price Treasury bill auction operates as follows: The Treasury announces that it will auction 26-week T-bills with an offering amount of, say, $90 billion with both competitive and non-competitive bidding. Non-competitive bidders state the total face value they are willing to purchase at the ultimate price (yield) that clears the market (i.e., sells all of the securities offered), whatever that turns out to be. Competitive bidders each submit a total face value amount and the price at which they are willing to purchase those bills. The Treasury then ranks those bids in ascending order of yield (i.e., descending order of price) and finds the yield at which the total $90 billion offering amount would be sold. If the offering amount is just equal to the total face value bidders are willing to purchase at that yield, then all the T-bills are sold for that single yield. If there is excess demand at that yield, then bidders would each receive a proportionately smaller total than they offered.
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3.8. Auctions as a Way to Find Equilibrium Price
continue to qualify bids at higher prices until 3 million shares had been qualified. In our example, that price might be €27. Shareholders who bid between €26 and €27, inclusive, would then be paid €27 per share for their shares. <span>Another Dutch auction variation, also involving a single price and called a single price auction , is used in selling US Treasury securities.6The single price Treasury bill auction operates as follows: The Treasury announces that it will auction 26-week T-bills with an offering amount of, say, $90 billion with both competitive and non-competitive bidding. Non-competitive bidders state the total face value they are willing to purchase at the ultimate price (yield) that clears the market (i.e., sells all of the securities offered), whatever that turns out to be. Competitive bidders each submit a total face value amount and the price at which they are willing to purchase those bills. The Treasury then ranks those bids in ascending order of yield (i.e., descending order of price) and finds the yield at which the total $90 billion offering amount would be sold. If the offering amount is just equal to the total face value bidders are willing to purchase at that yield, then all the T-bills are sold for that single yield. If there is excess demand at that yield, then bidders would each receive a proportionately smaller total than they offered. As an example, suppose the following table shows the prices and the offers from competitive bidders for a variety of prices, as well as the total offers from non-competitiv




Article 1425791651084

3.9. Consumer Surplus—Value minus Expenditure
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To this point, we have discussed the fundamentals of demand and supply curves and explained a simple model of how a market can be expected to arrive at an equilibrium combination of price and quantity. While it is certainly necessary for the analyst to understand the basic working of the market model, it is also crucial to have a sense of why we might care whether the market tends toward equilibrium. This question moves us into the normative, or evaluative, consideration of whether market equilibrium is desirable in any social sense. In other words, is there some reasonable measure we can apply to the outcome of a competitive market that enables us to say whether that outcome is socially desirable? Economists have developed two related concepts called consumer surplus and producer surplus to address that question. We will begin with consumer surplus, which is a measure of how much net benefit buyers enjoy from the ability to participate in a particular market. To get an intuitive feel for t



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is there some reasonable measure we can apply to the outcome of a competitive market that enables us to say whether that outcome is socially desirable? Economists have developed two related concepts called consumer surplus and producer surplus to address that question. We will begin with consumer surplus, which is a measure of how much net benefit buyers enjoy from the ability to participate in a particular market.
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3.9. Consumer Surplus—Value minus Expenditure
crucial to have a sense of why we might care whether the market tends toward equilibrium. This question moves us into the normative, or evaluative, consideration of whether market equilibrium is desirable in any social sense. In other words, <span>is there some reasonable measure we can apply to the outcome of a competitive market that enables us to say whether that outcome is socially desirable? Economists have developed two related concepts called consumer surplus and producer surplus to address that question. We will begin with consumer surplus, which is a measure of how much net benefit buyers enjoy from the ability to participate in a particular market. To get an intuitive feel for this concept, consider the last thing you purchased. Maybe it was a cup of coffee, a new pair of shoes, or a new car. Whatever it was, think of




Consumer Surplus example
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To get an intuitive feel for this concept, consider the last thing you purchased.

Whatever it was, think of how much you actually paid for it.

Now contrast that price with the maximum amount you would have been willing to pay for it instead of going without it altogether. If those two numbers are different, we say you received some consumer surplus from your purchase. You received a “bargain” because you were willing to pay more than you had to pay.
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3.9. Consumer Surplus—Value minus Expenditure
cepts called consumer surplus and producer surplus to address that question. We will begin with consumer surplus, which is a measure of how much net benefit buyers enjoy from the ability to participate in a particular market. <span>To get an intuitive feel for this concept, consider the last thing you purchased. Maybe it was a cup of coffee, a new pair of shoes, or a new car. Whatever it was, think of how much you actually paid for it. Now contrast that price with the maximum amount you would have been willing to pay for it instead of going without it altogether. If those two numbers are different, we say you received some consumer surplus from your purchase. You received a “bargain” because you were willing to pay more than you had to pay. Earlier we referred to the law of demand, which says that as price falls, consumers are willing to buy more of the good. This observation translates into a negatively slope




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recognize that the demand curve can thus be considered a marginal value curve because it shows the highest price consumers are willing to pay for each additional unit. In effect, the demand curve is the willingness of consumers to pay for each additional unit.

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3.9. Consumer Surplus—Value minus Expenditure
ce to consume it. If demand curves are negatively sloped, it must be because the value of each additional unit of the good falls the more of it they consume. We will explore this concept further later, but for now it is enough to <span>recognize that the demand curve can thus be considered a marginal value curve because it shows the highest price consumers are willing to pay for each additional unit. In effect, the demand curve is the willingness of consumers to pay for each additional unit. This interpretation of the demand curve allows us to measure the total value of consuming any given quantity of a good: It is the sum of all the marginal values of each uni




Consumer Surplus
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Graphically, this measure translates into the area under the consumer’s demand curve, up to and including the last unit consumed
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3.9. Consumer Surplus—Value minus Expenditure
onal unit. This interpretation of the demand curve allows us to measure the total value of consuming any given quantity of a good: It is the sum of all the marginal values of each unit consumed, up to and including the last unit. <span>Graphically, this measure translates into the area under the consumer’s demand curve, up to and including the last unit consumed, as shown in Exhibit 12, in which the consumer is choosing to buy Q 1 units of the good at a price of P 1 . The marginal value of the Qth1 unit is clearly P 1 , because that is the h




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consumer surplus , and it is defined as the difference between the value that the consumer places on a good and the amount of money that was required to pay for it
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3.9. Consumer Surplus—Value minus Expenditure
n P 1 .7 Because the consumer would have been willing to pay more for each of those units than she actually paid (P 1 ), then we can say she received more value than the cost to her of buying them. This concept is referred to as <span>consumer surplus , and it is defined as the difference between the value that the consumer places on those units and the amount of money that was required to pay for them. The total value of Q 1 is thus the area of the vertically crosshatched trapezoid in Exhibit 12. The total expenditure is only the area of the rectangle with height P 1 and base Q 1




Article 1425803971852

3.10. Producer Surplus—Revenue minus Variable Cost
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In this section, we discuss a concept analogous to consumer surplus called producer surplus . It is the difference between the total revenue sellers receive from selling a given amount of a good, on the one hand, and the total variable cost of producing that amount, on the other hand. Variable costs are those costs that change when the level of output changes. Total revenue is simply the total quantity sold multiplied by the price per unit. The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. Recall that the supply curve represents the lowest price that sellers would be willing to accept for each additional unit of a good. In general, that amount is the cost of producing that next unit, called marginal cost . Clearly, a seller would never intend to sell a unit of a good for a price lower than its marginal cost, because she would lose money on that unit. Alternatively, a producer shoul



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producer surplus . It is the difference between the total revenue sellers receive from selling a given amount of a good, on the one hand, and the total variable cost of producing that amount, on the other hand. Variable costs are those costs that change when the level of output changes. Total revenue is simply the total quantity sold multiplied by the price per unit.
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3.10. Producer Surplus—Revenue minus Variable Cost
In this section, we discuss a concept analogous to consumer surplus called producer surplus . It is the difference between the total revenue sellers receive from selling a given amount of a good, on the one hand, and the total variable cost of producing that amount, on the other hand. Variable costs are those costs that change when the level of output changes. Total revenue is simply the total quantity sold multiplied by the price per unit. The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. R




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The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. Recall that the supply curve represents the lowest price that sellers would be willing to accept for each additional unit of a good. In general, that amount is the cost of producing that next unit, called marginal cost
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3.10. Producer Surplus—Revenue minus Variable Cost
the total variable cost of producing that amount, on the other hand. Variable costs are those costs that change when the level of output changes. Total revenue is simply the total quantity sold multiplied by the price per unit. <span>The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve, and it is a little more complicated to understand. Recall that the supply curve represents the lowest price that sellers would be willing to accept for each additional unit of a good. In general, that amount is the cost of producing that next unit, called marginal cost . Clearly, a seller would never intend to sell a unit of a good for a price lower than its marginal cost, because she would lose money on that unit. Alternatively, a producer should be




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we can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller.
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3.10. Producer Surplus—Revenue minus Variable Cost
atively, a producer should be willing to sell that unit for a price that is higher than its marginal cost because it would contribute something toward fixed cost and profit, and obviously the higher the price the better for the seller. Hence, <span>we can interpret the marginal cost curve as the lowest price sellers would accept for each quantity, which basically means the marginal cost curve is the supply curve of any competitive seller. The market supply curve is simply the aggregation of all sellers’ individual supply curves, as we showed in section 3.5. Marginal cost curves are likely to have positive sl




MAPA CONCEPTUAL INTRODUCCIÓN AL ESTUDIO DEL DERECHO DERECHO Y LAS NORMAS JURÍDICAS EL DERECHO COMO CIENCIA HECHOS Y ACTOS JURÍDICOS
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#introducción-al-derecho
EL DERECHO Y LAS NORMAS JURÍDICAS OBJETIVO

El alumno conocerá la definición del Derecho, así como la clasificación de las normas jurídicas en general y el orden jurídico de éstas en México. Además comprenderá cuáles deben ser las normas éticas que todo abogado implementará en su desarrollo profesional.
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Concepto de Derecho
#arabic #introducción-al-derecho
La palabra Derecho, proviene del latín directum que significa “dirigir”, “encaminar”. Este concepto va enfocado a educar al hombre en su ámbito social, y a estudiar su conducta. En ese sentido, se crearon normas de castigo o sanción que garantizarán una convivencia correcta entre los individuos.
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El Derecho, desde el punto de vista doctrinario, es el conjunto de normas jurídicas que regulan la conducta del los hombres en sociedad.
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2
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Concepto del deber
#introducción-al-derecho
El deber es la obligación que toda persona tiene que cumplir para realizar un mandato, dicho en otras palabras, es el hacer o no hacer una determinada conducta, de lo contrario se aplicará una sanción.
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La distinción clara del deber y derecho, es que el primero es una forma de conducta y el Derecho es la exigencia; un ejemplo claro sería el deber que tengo de pagar un impuesto y mi derecho es el que con el pago de mi impuesto el Estado me proporcione de servicios públicos
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El Derecho positivo es el derecho en vigor, el que se practica y que se aplica a diario en los casos individuales que se presenten en la sociedad
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desde el punto de vista jurídico, el deber jurídico, es la necesidad para aquellos a quienes va dirigida una norma del derecho positivo 1 de prestarle voluntario acatamiento, adaptando a ella su conducta, en obediencia a un mandato que, en caso de incumplimiento, puede ser hecho efectivo mediante la coacción
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El deber jurídico es una obligación jurídica. Dicho en otras palabras, el deber jurídico es aquella conducta contraria al hecho ilícito o antijurídico, por ejemplo, si el hecho ilícito es el no pago o incumplimiento de una obligación, el deber jurídico comprende la conducta contraria, es decir, el pago o cumplimiento de la obligación. Los deberes jurídicos no deben ser confundidos con la conducta moral ni religiosa, ya que éstos presuponen siempre la existencia de una norma jurídica que se manifiesta en las siguientes direcciones: 1) Debe de cumplir el mandato concreto contenido en la norma. 2) Debe de no obstaculizar su cumplimiento.
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#derecho #introduccion-al-derecho
En conclusión, el deber es simplemente el carácter obligatorio de las exigencias morales y el deber jurídico es la presión que el Estado impone para el cumplimiento de una norma que tiene carácter sancionador, tan es así que el hombre debe acatar determinados mandatos para cumplir los requerimientos normativos, de lo contrario se verá sancionado por el incumplimiento a tal deber.
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#derecho #introduccion-al-derecho
las normas en general derivan del Derecho natural y de éste resultan o emanan las leyes naturales y las leyes sociales,
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1.3LA NORMA
Antes de profundizar en el tema de la norma, es pertinente mencionar que las normas en general derivan del Derecho natural y de éste resultan o emanan las leyes naturales y las leyes sociales, como se explicará a detalle en el siguiente apartado. Ahora bien, el Derecho depende de la norma, de la sanción que el Estado impone a los ciudadanos para la convivencia




#derecho #introduccion-al-derecho
el Derecho depende de la norma, de la sanción que el Estado impone a los ciudadanos para la convivencia en sociedad
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1.3LA NORMA
de la norma, es pertinente mencionar que las normas en general derivan del Derecho natural y de éste resultan o emanan las leyes naturales y las leyes sociales, como se explicará a detalle en el siguiente apartado. Ahora bien, <span>el Derecho depende de la norma, de la sanción que el Estado impone a los ciudadanos para la convivencia en sociedad, de aquí es donde surge el Derecho. Toda conducta humana debe ser regida por diferentes tipos de reglas de comportamiento, a las que se les llama norma. Las n




#derecho #introduccion-al-derecho
Las normas se clasifican en normas morales, religiosas, sociales y jurídicas.
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1.3LA NORMA
Estado impone a los ciudadanos para la convivencia en sociedad, de aquí es donde surge el Derecho. Toda conducta humana debe ser regida por diferentes tipos de reglas de comportamiento, a las que se les llama norma. <span>Las normas se clasifican en normas morales, religiosas, sociales y jurídicas. La palabra norma suele usarse en dos sentidos: uno amplio (Latu sensu), y otro estricto (Stricto sensu), en sentido amplio, es aplicado a toda regla de comportamiento human




#derecho #introduccion-al-derecho
La palabra norma suele usarse en dos sentidos: uno amplio (Latu sensu), y otro estricto (Stricto sensu),
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1.3LA NORMA
erecho. Toda conducta humana debe ser regida por diferentes tipos de reglas de comportamiento, a las que se les llama norma. Las normas se clasifican en normas morales, religiosas, sociales y jurídicas. <span>La palabra norma suele usarse en dos sentidos: uno amplio (Latu sensu), y otro estricto (Stricto sensu), en sentido amplio, es aplicado a toda regla de comportamiento humano, sea obligatoria o no obligatoria, y se clasifica en dos grandes grupos: normas técnicas y éticas. Estas últimas,




#derecho #introduccion-al-derecho
en sentido amplio, es aplicado a toda regla de comportamiento humano, sea obligatoria o no obligatoria, y se clasifica en dos grandes grupos: normas técnicas y éticas
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1.3LA NORMA
o, a las que se les llama norma. Las normas se clasifican en normas morales, religiosas, sociales y jurídicas. La palabra norma suele usarse en dos sentidos: uno amplio (Latu sensu), y otro estricto (Stricto sensu), <span>en sentido amplio, es aplicado a toda regla de comportamiento humano, sea obligatoria o no obligatoria, y se clasifica en dos grandes grupos: normas técnicas y éticas. Estas últimas, comprenden a las morales, la costumbre, el trato social, las jurídicas, la religión; las normas técnicas son las reglas que sirven a la persona para la realización




#derecho #introduccion-al-derecho
Las normas éticas comprenden a las morales, la costumbre, el trato social, las jurídicas, la religión
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1.3LA NORMA
dos sentidos: uno amplio (Latu sensu), y otro estricto (Stricto sensu), en sentido amplio, es aplicado a toda regla de comportamiento humano, sea obligatoria o no obligatoria, y se clasifica en dos grandes grupos: normas técnicas y éticas. <span>Estas últimas, comprenden a las morales, la costumbre, el trato social, las jurídicas, la religión; las normas técnicas son las reglas que sirven a la persona para la realización material de un objeto, no son de carácter obligatorio sino potestativo; en sentido estricto, correspon




#derecho #introduccion-al-derecho
las normas técnicas son las reglas que sirven a la persona para la realización material de un objeto, no son de carácter obligatorio sino potestativo; en sentido estricto, corresponde a que impone deberes o confiere derechos.
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1.3LA NORMA
a toda regla de comportamiento humano, sea obligatoria o no obligatoria, y se clasifica en dos grandes grupos: normas técnicas y éticas. Estas últimas, comprenden a las morales, la costumbre, el trato social, las jurídicas, la religión; <span>las normas técnicas son las reglas que sirven a la persona para la realización material de un objeto, no son de carácter obligatorio sino potestativo; en sentido estricto, corresponde a que impone deberes o confiere derechos. Las normas pertenecen al ámbito del deber ser; son formas de regulación de la conducta que surgen de la voluntad del hombre. En resumen, la norma se conceptu




#derecho #introduccion-al-derecho
Latu sensu: Regla de comportamiento obligatoria o no.
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1.3LA NORMA
nfiere derechos. Las normas pertenecen al ámbito del deber ser; son formas de regulación de la conducta que surgen de la voluntad del hombre. En resumen, la norma se conceptualiza de la siguiente forma:4 <span>Latu sensu: Regla de comportamiento obligatoria o no. Stricto sensu: Establecen deberes y otorga derechos. Norma <span><body><html>




#derecho #introduccion-al-derecho
Stricto sensu: Establecen deberes y otorga derechos.
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1.3LA NORMA
l deber ser; son formas de regulación de la conducta que surgen de la voluntad del hombre. En resumen, la norma se conceptualiza de la siguiente forma:4 Latu sensu: Regla de comportamiento obligatoria o no. <span>Stricto sensu: Establecen deberes y otorga derechos. Norma <span><body><html>