ECO 101 Lecture Number 2 Notes.doc

ECO 101 Lecture Number 2 Notes.doc - LECTURE#2 NOTES Demand...

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LECTURE #2 NOTES Demand schedule- is a schedule of prices and quantities buyers will be willing to buy at those prices Law of Demand- as prices rise, the quantity demanded will fall as prices fall, the quantity demanded will rise Inverse relationship- the two variables (price and quantity) will move in opposite directions Graph of the demand curve- price is graphed on the vertical axis quantity is graphed on the horizontal axis the curve will slope down away from the origin The slope of the demand curve- the slope of a line is calculated as the rise (the change in the vertical distance) over the run (the change in the horizontal distance). The slope of the demand curve is negative. Change in the Quantity Demanded- is shown by a movement along the original demand curve. It is caused by a change in the price of the product. An increase in price will decrease the quantity demanded. A decrease in price will increase the quantity demanded.
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  • Fall '11
  • miller

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