DEMAND

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DEMAND
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VariablesPrice is the determining factor(the
independent variable)Quantity is the dependent
variable

• And
• ceteris Paribus

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DEFINITION 1

• DEMAND the amount of a good or service consumers
  are willing and able to purchase at different
  prices

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At a particular moment in time, when all other
conditions are equal, for the various prices
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VariablesPrice is the determining factor(the
independent variable)Quantity is the dependent
variable

• And
• ceteris Paribus

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Definition 2

• QUANTITY DEMANDED the amount of a good or
  service consumers will purchase at a specific
  price

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DEMAND SCHEDULE-

• a list of the amounts (quantity) of a good or
  service consumers will purchase at a variety of
  prices

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Price per Greebe Quantity Demanded Of Greebes
5. 4. 200 400
3. 2. 700 1,100
1. 1,600
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THE LAW OF DEMAND

• there is an inverse relationship between the
  price of a good and the quantity buyers are
  willing and able to purchase

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How does it work?

• The Quantity demanded will increase as Prices go
  down
• The Quantity demanded will decrease as Prices go
  up

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(Graphing the schedule)the DEMAND CURVE or
LINE- is a graphical representation of a demand
schedule
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7
6
5
PRICE per Greebe
4
3
2
D
1
1
2
3
6
12
5
11
10
9
8
7
4
13
14
15
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(hundreds of Greebes)
QUANTITY
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7
6
5
PRICE per Greebe
4
a
3
b
2
D
1
1
2
3
6
12
5
11
10
9
8
7
4
13
14
15
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(hundreds of Greebes per week)
QUANTITY
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Movement from point a to point b
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SLIDE

• Movement from point a to point b
• is a slide on or along the demand curve,
• resulting only from a change in price
• This is not a change in demand!!!!!!!!!
• only a change in quantity demanded because of a
  price change

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So, what changes Demand?

• What does that mean, a change in demand?

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DRABBLE
BY KEVIN FAGAN