251Ch3lecture1Notes

251Ch3lecture1Notes - 3 Ch3: Demand and Supply Lecture 1:...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
8/28/2011 1 Chapter 3: Demand and Supply Lecture 1: Demand defined 1 2 Demand • Demand = Maximum quantity a consumer is willing and able to purchase at various prices Ch3: Demand and Supply Lecture 1: Demand defined Law of demand • Price and quantity demanded are inversely related Ch3: Demand and Supply Lecture 1: Demand defined
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 3 Ch3: Demand and Supply Lecture 1: Demand defined 4 Demand Schedule Q d (boxes per month) P ($) 6 5 2 4 4 3 6 2 8 1 10 12 Ex.) Market for cookies (Thin Mints) Graphing demand 5 Graphing demand 6 8/28/2011 2 Equation for demand Equation for demand in the market for Thin Mints: Q d = -(1/2) P + 6...
View Full Document

Page1 / 2

251Ch3lecture1Notes - 3 Ch3: Demand and Supply Lecture 1:...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online