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
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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