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The demand curve
 

The demand curve

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AQA, Aquinas, Economics, ECON1, Markets, Market Failure

AQA, Aquinas, Economics, ECON1, Markets, Market Failure

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    The demand curve The demand curve Document Transcript

    • ECON1 WWW.AQUINASECONOMICSAS.CO.UK @AQUINASECONOMIC The Demand Curve Answer all the questions below 1. Explain what is meant by Demand 2. Explain the term ceteris paribus 3. Draw a demand curve using the following information Price of Peanuts (£) Demand (millions per year) 100 9.5 200 7.5 300 5.0 400 3.5 500 1.0 4. On the graph show what would happen if incomes were to rise and people purchased more peanuts at the same price (Increase demand by 1 million at each price level) 5. A recession hits and incomes fall so people now demand less at each price level. Using the original figures subtract 1 million from each price level and redraw the graph. 6. Ensure all demand curve are labelled appropriately 7. What other goods are likely to affect the demand for car tyres 8. List the factors which can affect the demand for a product 9. Explain the term consumer surplus