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### demand

Course: ECON 2023, Spring 2011
School: Arkansas
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Word Count: 260

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Demand Microeconomics Definition o What good/service consumers are ready, willing and able to purchase (need both willingness and affordability) at a given price Quantity Demanded: amount of good or service that buyers demand. o *Quantity demanded can change without demand changing. Law of Demand- when the price of a good falls, quantity demanded of the good rises, ceterus parabus (Latin term for all other...

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Demand Microeconomics Definition o What good/service consumers are ready, willing and able to purchase (need both willingness and affordability) at a given price Quantity Demanded: amount of good or service that buyers demand. o *Quantity demanded can change without demand changing. Law of Demand- when the price of a good falls, quantity demanded of the good rises, ceterus parabus (Latin term for all other things held equal) Market Demand o Quantity demanded in a market is the sum of the quantities demanded of all individuals Market demand= sum of individual demand Shifters of Demand Curve 1. Income 2. Price of related goods 3. Tastes/Preferences 4. Expectations 5. Number of buyers IMPORTANT: price does not shift a demand curve, rather it changes the `quantity demanded'. This is represented a by graph by either an extension or a contraction along the demand curve. An increase in demand will cause the curve to shift to the right, this is a change that increases the quantity demanded at every price. A decrease in demand will cause the curve to shift to the left, this is a change that decreases the quantity demanded at every price. Normal Good: consumption increases when income increases o for example, clothes. When income increases, one would expect to shop for more clothes, and therefore demand for clothing would increase. Inferior Good: consumption decreases when income increases o For example, ramen noodles. When income increases, one would expect to have to rely on the low price of ramen noodles and buy a wider range of foods, therefore demand for ramen noodles would decrease.
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