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The Demand Curve and The Demand Schedule The Demand Curve and The Demand Schedule

The Demand Curve and The Demand Schedule - PowerPoint Presentation

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Uploaded On 2016-03-18

The Demand Curve and The Demand Schedule - PPT Presentation

A table showing how much of a good or service consumers will want to buy at different prices See pg 50 Figure 51 Demand Schedule Demand Curve A graphical representation of the demand schedule ID: 260017

demand demanded change curve demanded demand curve change quantity consumers shifts price due understanding decrease goods schedule increase purchase

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Presentation Transcript

Slide1

The Demand Curve and The Demand ScheduleSlide2

A table showing how much of a good or service consumers will want to buy at different prices

See pg. 50; Figure 5.1

Demand ScheduleSlide3

Demand Curve – A graphical representation of the demand schedule

Quantity Demanded – The actual amount consumers are willing to purchase at some specific price

Change in Demanded – Due to some circumstance (determinant) there is an increase in quantity demanded or decrease in quantity demanded, creating a new curve.

Demand Curve, Change in Demanded and Change in Quantity DemandedSlide4

Change in quantity demanded – Due to price, there is an increase or decrease in quantity demanded.

Change in quantity demanded results in a movement along the demand curve.

Demand Curve, Change in Demanded and Change in Quantity DemandedSlide5

Changes in Prices of related goods or services – substitutes or complements

Change in Income

Normal Goods, Inferior Goods

Changes in Taste (preferences) – Advertising, fads, beliefs, cultural shifts, etc.Change in Expectations – Wait for seasonal sales, If you hear a price is going up, consumers tend to rush out and purchase it before the price goes up.

Understanding Shifts of the Demand CurveSlide6

Change in the Number of Consumers – Growing population.

Understanding Shifts of the Demand Curve