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Demand: I want...

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by

John Fuller

on 4 February 2014

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Transcript of Demand: I want...


What is demand you ask?
desire
ability
willingness
to purchase a product (all of the above are must haves in order to have demand)

Law of Demand
when prices go down, quantity demanded increases and that when prices go up, quantity demanded decreases
Demand Schedule
What can we learn from an individual demand schedule?

Demand Curve
Definition: graphically shows the data from a demand schedule
Market Demand Curve Definition: graphically shows the data from a market demand curve
Individual Demand Curve Definition?

Draw an Individual Demand Curve
Use the data below to construct an individual demand curve for DVDs


Individual Demand Curve
Note: the vertical axis is always price and the horizontal axis is always quantity demanded (of a particular product)

Apply your knowledge
1. Explain why a demand curve slopes downward.
2. Does quantity demanded always fall as price rises? WHY?
3. List 2-3 goods or services that you believe would remain in demand even if the price rose sharply.
Demand: I want...
Desire
Full transcript