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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 41 CHAPTER 4 Demand 4.1 4.1The Demand Curve 4.2 4.2Elasticity of Demand 4.3 4.3Changes in Demand
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 42 CHAPTER 4 Demand Why are newspapers sold in vending machines that allow you to take more than one copy? How much do you eat when you can eat all you want? What cures spring fever? What economic principle is behind the saying, “Been there, done that”? Why do higher cigarette taxes cut smoking by teenagers more than by other age groups? Consider
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 43 LESSON 4.1 The Demand Curve Explain the law of demand Interpret a demand schedule and demand curve Objectives
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 44 LESSON 4.1 The Demand Curve demand law of demand marginal utility law of diminishing marginal utility demand curve quantity demanded individual demand market demand Key Terms
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 45 Demand Demand indicates how much of a product consumers are both willing and able to buy at each possible price during a given period, other things remaining constant.
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 46 Law of Demand The law of demand says that quantity demanded varies inversely with price, other things constant. Thus, the higher the price, the smaller the quantity demanded.
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 47 Law of Demand Demand, wants, and needs Substitution effect Income effect Diminishing marginal utility
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 48 Demand Schedule and Demand Curve Demand versus quantity demanded Individual demand and market demand
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 49 Demand Schedule Price Quantity Demanded per Pizza per Week (millions) a$158 b1214 c920 d626 e332
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 410 Demand Curve for Pizza a b c d e D 814202632 Millions of pizzas per week $15 12 9 6 3 0 Price per pizza
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 411 $12 8 4 1 (c) Chris $12 8 4 12 (b) Brianna $12 8 4 Price 123 Pizzas (per week) (a) Hector Individual Demand for Pizzas d H d B d C
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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 412 $12 8 4 Price 123 Pizzas (per week) (d) Market demand for pizzas 6 Market Demand for Pizzas d H d B d C D ++=
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