Demand Curves Understand the components of a demand schedule/curve Create and analyze sample demand schedules/curve to illustrate a product’s demand Understand.

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Presentation transcript:

Demand Curves Understand the components of a demand schedule/curve Create and analyze sample demand schedules/curve to illustrate a product’s demand Understand the “Law of Demand”

What?!

Demand Illustrated 2 variable: PRICE and QUANTITY of specific product at a specific point in time Demand Schedule: shows the various quantities demanded of a particular product at all reasonable market prices Demand Curve: graph showing the quantity demanded at each and every price that might prevail in the market

Act… Complete the demand curve worksheet We will review together and complete a sample as a class

Market Demand Curve Combination of individual’s demand curves to show the market demand Shows the quantity demanded by everyone interested in purchasing the product Lets use our class’ example to illustrate –Simple quantity shift (total) –Add up quantity (price stays the same)

“Law of Demand” 1 paper clip = the best and newest item on the market…selling for $ What is this law?

“Law of Demand” Def: the quantity demanded varies inversely with its price Price increase = quantity decrease Price decrease = quantity increase ***The more expensive something is, the quantity demand goes down Where do you see this in the real world?

Complete Define “Law of Demand” in your own words… How would you describe it to your friend who asks you, “Hey, what’s up with the Law of Demand?” Discuss with a neighbor…and me

Diminishing Marginal Utility Donut experiment results? Def: the principle that says as we use more and more of a product, we encounter less and less satisfaction from it. What are some other real-world examples of this phenomenon?