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Lea unit 5 project

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Lea unit 5 project

  1. 1. Demand • Schedule or curve • Amount consumers are willing and able to purchase at a given price • Other things equal • Individual demand • Market demandLO1 3-1
  2. 2. The Demand Curve P6 Individual Demand 5 P Qd Price (per latte) 4 $5 10 3 4 20 2 3 35 2 55 1 D 1 80 0 10 20 30 40 50 60 70 80 Q Quantity Demanded (latte per month)LO1 3-2
  3. 3. Changes in Demand P 6 Price (per latte) 5 4 Increase in demand 3 2 D2 1 D1 Decrease in D3 demand 0 2 4 6 8 10 12 14 16 18 Q Quantity Demanded (thousands of lattes per month)LO1 3-3
  4. 4. Changes in Demand • Number of Buyers in Market • Change in consumer tastes, preferences or need • Change in prices of related goods • Substitutes • Complements • Change in income • Normal goods • Inferior goodsLO1 3-4
  5. 5. Changes in Quantity Demanded• Change in demand is a shift of the demand curve• Change in quantity demanded is a movement from one point to another point on a fixed demand curve 3-5
  6. 6. Changes in Quantity Demanded• Change in demand is a shift of the demand curve• Change in quantity demanded is a movement from one point to another point on a fixed demand curve 3-5

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