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251Ch3lecture1Notes

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

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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 3

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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...
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