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Unformatted text preview: 1 Demand Objectives Definition of demand Demand schedule and graphing of demand curve Distinction between demand (D) and quantity demanded (Qd) Law of demand Determinants of demand Demand Reflects consumers side of economic transactions in a market Definition: The quantities (amount) of a good that people are willing and able to buy at various prices, ceteris paribus Note importance of willing and able Individual vs. market demand 2 The demand schedule Price Quantity demanded (Qd) $5 1 4 2 3 3 2 4 Definition: The quantities (amount) of a good that people are willing and able to buy at various prices, ceteris paribus Distinction between D and Qd Qd refers to the quantity purchased at a particular price; for ex., at $5, Qd = 1 Demand (D) refers to the entire table of the relationship between quantities purchased at different prices Price Quantity demanded (Qd) $5 1 4 2 3 3 2 4 Distinction between D and Qd Change in demand (D): movement from D1 to D2 Change in quantity demanded (Qd):...
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This note was uploaded on 05/22/2011 for the course ECON 1B taught by Professor Jamie during the Spring '06 term at West Valley.
- Spring '06