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- Pick a business partner
- Design an apparel product that you would like to market to the class.
- The product should be something the class would be willing and able to buy.
- Draw a quick sketch of the product and list a couple of details.
- For example: available in many colors and sizes, type of fabric, comfort, special features.
- Find another partnership to work with.
- Using your pricing guide sheet, survey all group members (including yourself) to see how units of your product others would be willing to buy at each set price.
- Write down the results
- What happened to the number of products you sold when the price was lower?
- At which price did you have the most "orders"?
- Why do you think this was the case?
- What happened to the number of products you sold when the price was higher?
- At which price did you have the least "orders"?
- How many would they be willing to buy?
- Why do you think this was the case?
Demand
The amount of a good or service consumers are willing and able to purchase at various prices.
Quantity Demanded
How many units are demanded at a specific price.
Demand Schedule
- P = Price
- Qd = Quantity Demanded
Graph your product results
Answer the following questions:
- Did the law of demand apply to your product? Why or why not?
- What predictions might you make regarding the quantity demanded if you were to set your price even higher?
- What might happen to demand if you decreased the price even lower?
Review:
- What is demand?
- What is quantity demanded
- What does the law of demand state?
Demand Practice
Law of Demand
Business Partners
*Chose a business partner
- As the price of a good or service increases, quantity demanded decreases. (Likewise P , QD )
- There is an inverse (opposite relationship between P & Qd
- This creates a negatively sloped curve
- Think "D" (Demand) Downward sloping curve
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