Demand in Economics How the consumer influences how I make money Law of Demand



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Demand in Economics

Demand in Economics

  • How the consumer influences how I make money

Law of Demand

  • Part 1. As PRICE increases, DEMAND decreases
  • Part 2. As PRICE decreases, DEMAND increases
  • Price goes up
  • Demand goes down
  • Demand goes up
  • Price goes down
  • THEN
  • THEN

Demand Curve

  • A graph that illustrates the demand for a product
  • It shows how much consumer desire for a product changes as the price changes

Market Demand Curve: This curve illustrates the quantities of apple juice demanded at each price ay all consumers in the market.

  • Price of a bottle of Apple Juice
  • $0.75
  • 800
  • $1.00
  • 650
  • $1.25
  • 500
  • $1.50
  • 350
  • $1.75
  • 200
  • $2.00
  • 50

Elasticity of Demand

  • The degree to which changes in price cause changes in demand
  • or
  • If we change the price, will demand change a lot or a little?

Elastic Demand

  • If Demand for a good is very sensitive to changes in price, the demand is ELASTIC
  • Or
  • If prices changes a little bit, demand will change a lot!

Example of Elastic Demand

  • Price of pizza goes up even a little bit, demand goes down a lot.

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