Here is an example of a question along with a possible answe

1. Here is an example of a question along with a possible answer.
Please note the format. Please do not write your answers in the
standard
block paragraph format!
This is by no means the perfect answer. It could certainly be
better. But, I
wanted to give you a sense of what I am looking for in an
answer.
Question:
Please thoroughly and completely explain the law of demand.
Answer:
o Demand is a schedule or curve that shows the various amounts
of a
product that consumers are willing and able to purchase at each

2. of a series
of possible prices during a specified period of time.
relationship between price and
quantity demanded. This is supported by the following three
concepts:
successive units of a
particular product will yield less and less marginal utility.
o Marginal utility – the change in utility that results from a one-
unit change
in the consumption of a good or service.
o The income effect - which means that a lower price increases
the
purchasing power of the buyers money income allowing the
buyer to
purchase more of the product than before.
o The substitution effect - which means that at a lower price
buyers are
motivated to substitute what is now a less expensive product for
similar
products that are now relatively more expensive.
sloping curve.

3. the demand curve to
the right while a decrease in demand is expressed as a shift of
the demand curve
to the left.
ed
as a movement alone
a given demand curve and is caused by an increase or decrease
of the price of the
product.
the determinants of
demand which are:
– a change in tastes can cause buyers to demand
more, or less of
a product
– an increase in the number of buyers will
result in an
increase in the demand for a product
–
a. If income increases and the demand for a good increases, that
good is
called a normal good.
b. If income increases and the demand for a good decreases, that
good is
called an inferior good

4. – expectations of buyers will impact demand. If
the buyer
expects the price of the product to increase, this would likely
cause a decrease
in demand for the product.
–
a. If the price of a good increases, we would expect the demand
for the
substitute good to increase.
b. If the price of a good increases, we would expect the demand
for its
complement to decrease.
-related goods – a price change for one good
would have no
impact on the demand for the other good.