Know the difference! Changes in demand/supply versus changes in “quantity demanded”/ “quantity supplied”

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Presentation transcript:

Know the difference! Changes in demand/supply versus changes in “quantity demanded”/ “quantity supplied”

Changes in “quantity demanded” Demand Schedule Price of chocolate bars ($) Quantity demanded of chocolate bars (per week) Chocolate bars Price Quantity D (Demand) A change in price always causes a change in “quantity demanded.”

Changes in demand Demand Schedule Initial price of chocolate bars ($) Initial quantity demanded of chocolate bars (per week) Price of chocolate bars after ∆ in income($) Quantity demanded of chocolate bars (per week) after ∆ in income($)

Changes in demand Chocolate bars Price D (Demand) A change one of the non-price determinants always causes a change in demand. D1 (Demand)

Know the lingo! When you write, “change in quantity demanded,” make sure you are referring to the result of a price change. When you write, “change (or shift) in demand,” make sure you are referring to the result of a change in a non-price determinant!

Supply works the same way! When you write, “change in quantity supplied,” make sure you are referring to the result of a price change. When you write, “change (or shift) in supply,” make sure you are referring to the result of a change in a non-price determinant!

End.