1. Review What is the law of Demand?
What are the factors that affect demand? Explain each
Which direction will the demand curve move if there is a decrease in demand? Increase? Why?
What is elasticity/inelasticity of demand? How do we know if a product is elastic or inelastic?
Create a demand schedule on any product of your choice with 5 prices and quantities. Create a demand curve. Label correctly.
Create a market demand schedule off of 3 peoples demand of the same product as your previous demand curve. Create a market demand curve. Label correctly.
Create a demand schedule and demand curve which displays unit elasticity.