Lecture Slides 7 - Overview Lecture 7 Last class Demand...

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Overview ( Lecture # 7) Last class: Demand Today: Review of demand curve Shift in Demand Curve Class Quiz 1 (Last 30 minutes of the class) 11/30/16 1 Econ 130_ Fall 2016 _ C Dhakal
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Demand & Supply Demand: The willingness and ability of buyers to purchase goods Quantity demanded : The amount of a good and services that buyers are willing and able to buy. Demand schedule: A table that shows the relationship between the price of a good and the quantity demanded. Law of demand : Other things being equal( ceteris paribus), quantity demand of goods and services fall when the price of the goods and services rises. Demand curve : A graph that shows the relationship between the price of a good and the quantity demanded. 11/30/16 Econ 130_ Fall 2016 _ C Dhakal 2
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11/30/16 Econ 130_ Fall 2016 _ C Dhakal 3 Table showing quantity demand at each price Above table is called ??? Demand schedule
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11/30/16 Econ 130_ Fall 2016 _ C Dhakal 4 Demand curve of gasoline Demand curve shows the relationship between two variables, ….????
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