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Demand

description
by

Thomas Blake

on 29 January 2010

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Transcript of Demand

Quantity Demanded is the number of units of a good that consumers are willing and can afford to buy over a specified period of time. Always related to price.
A demand schedule is a table showing how the quantity demanded of some product during a secified period of time changes as the price of that product changes, holding all other determinants of quantity demanded constant Demand A demand curve is a graphical depiction of a demnd schedule. It shows how the quantity demanded of some product will change as the price of that product changes during a specified period of time, holding all other determinants of quantity demanded constant. Shifts of the Demand Curve
Occurs when any relevant variable other than price changes. If consumers want to buy more at any and all given prices than they wanted previously, the demand curve shifts to the right (or outward). If they desire less at any given price, the demand curve shifts to the left (or inward) Factors that shift Demand
Change in consumer income
Change in population
Change in Consumer preferences
Change in the prices and availability of related goods
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