DAY 1 PP The Demand Curve 1213.pptx

DAY 1 PP The Demand Curve 1213.pptx - Introduction to...

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Introduction to Supply and Demand
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What is a market?
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Consumers and producers Exchange goods/services for payment Most basic is a COMPETITIVE Markets are …
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Demand curve 5 Elements of S&D Model
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Demand curve Supply curve 5 Elements of S&D Model
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Demand curve Supply curve Equilibrium 5 Elements of S&D Model
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Demand curve Supply curve Equilibrium Demand and Supply factors Changes in equilibrium 5 Elements of S&D Model
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Chapter 3: Supply and Demand (pages 62-71) The Demand Curve
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Think for a minute… How do we calculate the amount of coffee demanded in a given year? We need a DEMAND SCHEDULE
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Demand Schedule and Curve Price Quantity $ 8 3 $ 7 5 $ 6 7 $ 5 10 $ 4 12 $ 3 16 $ 2 22 Price Quantity
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Law of Demand  Price= Quantity Demanded Downward-sloping curves DEMAND
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Change in quantity demanded Caused by a in PRICE Demand schedule unchanged Movement along curve
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Determinants of Demand M.E.R.I.T. shifts the curve M arket size (# consumers) E xpectations R elated prices I ncome T astes and preferences
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