6 Individual Demand Schedule (continued) What can we learn from an individual demand schedule?How much of an item one person is willing and able to by at a specific priceOn the previous slide I am not willing nor able to buy any DVDs at $30But, I am willing and able to buy 7 DVDs if they are $5 each
7 Market Demand Schedule Definition: a listing of how much of a good or service all consumers are willing to purchase at each priceThis shows the demand of all people in a market who are willing and able to buy a good/service
8 Market Demand Schedule (continued) Purpose: Business owners need a market demand schedule in order to price a good to gain the maximum number of sales
17 3. Does quantity demanded always fall as price rises? WHY? 4. List 2-3 goods or services that you believe would remain in demand even if the price rose sharply.
18 Create a demand schedule 5. Pizza King makes the best pizza in town. Create a demand schedule (below) showing how many pizza per month you would buy at the following prices: $25, $20, $15, $10, and $5. Make sure to label the schedule accurately.
19 6. Graph your demand curve for pizza 6. Graph your demand curve for pizza. Make sure to label your individual demand curve accurately.