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Unformatted text preview: o Market: organized system of communication between buyers & sellers Demands for cups of coffee o Influences on buyers of coffee taste/ preferences incomes prices of other goods tea, pop, cream, sugar expectations of future prices and incomes o price of coffee o 2 categories of influences on buyers 1. Price of good 2. Everything else incomes, tastes, etc. Demand schedule table of price & quality demanded o Holding all else equal Marilyn D schedule for teddy bear Inverse relationship between P + Qd PQd PQd law of demand All else equal Demand curve- graph of info. In D schedule Graph of P + Qd all else equal Law of Demand D curve o Slopes downward (L to R)...
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