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Econ Chp 3 - Econ Chp 3 Demand the amount of a good people...

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Econ Chp 3 Demand: the amount of a good people are willing to buy Demand Curve: relationship between the price of a good and the quantity demanded, all other things being equal When price increases the quantity demanded falls Law of downward sloping demand Change in quantity demanded refers to movement along the demand curve Change in demand refers to shift of demand curve Increase in Demand: Rightward shift Quantity demanded higher at every price Some other thing is not equal Decrease in Demand: Leftward shift Quantity demanded lower at every price Demand depends on the following variables, changes in these variables shift the demand curve Consumers’ preferences Consumers’ information Consumers’ income Normal good: > ∆X∆Income 0 Inferior good: < ∆X∆Income 0 Number of consumers Consumers’ expectations of future Prices of closely related goods Substitutes: goods that have many of the same uses Complements: goods that are consumed together Determining demand
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Interview consumers Experiment
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