This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: a. A horizontal sum of individuals Demands 2. Example (Qd = Quantity Demanded) Price Qd (Aaron) Qd (Becca) Qd (Catie) Market (Qd) 12 8 4 5 17 9 11 5 6.5 22.5 6 14 6 8 28 3 Consumers in this market: Sum to find Market Demand Law holds as price decreases, quantity demanded increases vi. Movement along the Demand Curve 1. A change in PRICE II. Changes in Demand If any of the other factors (relating to consumers) change then the Price, Quantity Demanded relationship changes New Demand Curve Represented by a SHIFT in Demand a. Increase in Demand: Results in a higher Quantity Demanded at each price Price Quantity Demanded (0) Quantity Demanded (1) 12 8 16 6 14 22 b. A higher Quantity Demanded at each price i. SHIFT TO THE RIGHT...
View Full Document
- Fall '07