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[SQUEAKING] [RUSTLING] [CLICKING] JONATHAN GRUBER: All right, lets get started. Today, we are going to complete our discussion of consumer choice by actually coming back and deriving the demand curve that we started the semester with, actually showing you how from the limited set of tools weve given you we can actually derive the underlying demand curves that we see in this class. Im going to spend the rest of lecture then talking about the elasticity of demand-- what determines the shape of that demand curve. Ill talk about how changes in income affect demand. And then, well come back and talk about the effects of a price change, and well talk about the theoretical concepts underneath how you analyze a change in price in economics model. So lets start with deriving demand curves. So we started in this class with the demand supply curve, and I said wed tell you where they came from. So, basically, were now going to talk about how do you derive, from the tools weve learned so