4.Demand - ECONOMICS 200 PRINCIPLES OF MICROECONOMICS Slide...

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© 2009 Lucia F. Dunn 11 ECONOMICS 200 PRINCIPLES OF MICROECONOMICS Professor Lucia F. Dunn Department of Economics Slide Set 4: Demand
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22 THREE WAYS TO REPRESENT DEMAND 1. A SCHEDULE 2. A GRAPH 3. AN EQUATION OR FUNCTION
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33 Demand Schedule Let’s consider the demand schedule for root beer at OSU -- Gotten by taking a survey of OSU student consumers. P ($ per pack) Q D ( per month ) $ 1. 50 180* 2. 00 150 2. 50 115 3. 00 70 3. 50 50 * Units of thousands of six-packs. Please note that these do not represent actual combinations of prices and quantities bought, but only consumer assessments of what they would do when confronted with different prices per six-pack of root beer.
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44 Demand Curve Now, the information in the table of the root beer demand schedule translates directly into a demand curve . Demand Curve
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55 Demand Equation Q = f (P) Example: Q = 6 - .8P Q is the “dependent variable” P is the “independent variable” Supply and Demand Curves are plotted “ backwards ”.
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Change in Quantity Demanded If we have a change in the price of the root beer, whose demand we are examining, we will just get a movement along the single fixed demand. D
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This note was uploaded on 06/22/2011 for the course ECON 200 taught by Professor Newton during the Fall '08 term at Ohio State.

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4.Demand - ECONOMICS 200 PRINCIPLES OF MICROECONOMICS Slide...

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