SlideShare a Scribd company logo
Bellringer ON SLATES
1. Graph and
correctly label
this demand
schedule
Price Movie tickets
Per night
$15 1000
$12.50 2000
$10 4000
$7.50 7000
2. What economic concept
is this graphic showing?
Using the law of demand, what would an
economist predict about this
Review of Law of Demand
• What happens in the
following situations?
• The price of college
tuition increases?
• The price of blue ray
DVD players
decreases?
• The price of Eegees
drinks increases?
• Effect on other
goods/services?
DEMAND CHANGE VOCABULARY
• “substitutes” – a good which can be substituted for another
• “complements” – a good that is purchased with another
• Substitution Effect changes to the price of one good causes a
buyer to buy more of the another good and vice versa. The
buyer substitutes consumption of the second good for
consumption of the first.
• Normal goods – goods you buy more of when your income
increases
• Inferior goods – goods you buy less of when your income
increases
• Income Effect – changes to a person’s income changes their
demand
Why is this important for firms?
What sorts of goods are these?
Others?
Compliments?
Normal/Inferior?
Cultural?
• Preferences change
• Spam in Hawaii
• Sauerkraut at
Pueblo
Changes to demand
Does Demand
change when the
price of a good
changes?
Only the Quantity
demanded
changes with price
Review:
What is the Q*D at
Price = $1.50?
Show +/- framework
Quantity
$
Graphically speaking… Demand of movie tickets
D*
A RAISE!!!!
A Child!!!!
D after raise
Determinants of Demand
• Changes to tastes and preferences
Determinants of Demand
• Changes to income
Determinants of Demand
• Availability and price of substitute goods
Determinants of Demand
• Availability and price of compliments
Determinants of Demand
• Changes to population
Determinants of Demand
• Expectations of the Future PRICE
Future price forcasts
Tomato market:
Analysts announce tomato prices will
decrease in 2016
Electronics market:
Its November 2
A trick to remember determinants
of demand
• TRIBE
T = tastes of consumers
R = Related goods (P$ change)
I = Income of consumers
B = # of consumers
E = expectations of future
http://quizlet.com/2043838/individual-markets-flash-cards/
Quantity
$
Graphically speaking… Demand of movie tickets
D*
A RAISE!!!!
A Child!!!!
D after raise
A. The price of
iPods falls
B. The price of
music downloads
falls
C. The price of CDs
falls
A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11
Demand CurveDemand Curve
31
Draw a demand curve for music downloads.
What happens to it in each of
the following scenarios? Why?
A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11
A. Price of iPods fallsA. Price of iPods falls
32
Q2
Price of
music
down-
loads
Quantity of
music downloads
D1
D2
P1
Q1
Music downloads
and iPods are
complements.
A fall in price of
iPods shifts the
demand curve for
music downloads
to the right.
Music downloads
and iPods are
complements.
A fall in price of
iPods shifts the
demand curve for
music downloads
to the right.
A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11
B. Price of music downloads fallsB. Price of music downloads falls
33
The D curve
does not shift.
Move down along
curve to a point with
lower P, higher Q.
The D curve
does not shift.
Move down along
curve to a point with
lower P, higher Q.
Price of
music
down-
loads
Quantity of
music downloads
D1
P1
Q1
Q2
P2
A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11
C. Price of CDs fallsC. Price of CDs falls
34
P1
Q1
CDs and
music downloads
are substitutes.
A fall in price of CDs
shifts demand for
music downloads
to the left.
CDs and
music downloads
are substitutes.
A fall in price of CDs
shifts demand for
music downloads
to the left.
Price of
music
down-
loads
Quantity of
music downloads
D1D2
Q2
TRIBE
Assignment
For each part of the:
Formulate two scenarios and graph
For example:
Beef market
Consumers see news story about
mad cow disease
Due start of class Friday, work on
during class Thurs AFTER reading

More Related Content

What's hot

Unspoken Truth By Jawar
Unspoken Truth By JawarUnspoken Truth By Jawar
Unspoken Truth By Jawar
Ja War
 
Soft grungeradio
Soft grungeradioSoft grungeradio
Soft grungeradio
ethankd
 
Digipak analysis
Digipak analysisDigipak analysis
Digipak analysis
LamarAndreJohnson
 
SMC Club MKE - March 2012 - Video and photo in social media
SMC Club MKE - March 2012 - Video and photo in social mediaSMC Club MKE - March 2012 - Video and photo in social media
SMC Club MKE - March 2012 - Video and photo in social media
smcmke
 
My presentation 6
My presentation 6My presentation 6
My presentation 6
cdeeks
 
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
Jennifer Pricci
 
EVALUATION 4
EVALUATION 4EVALUATION 4
EVALUATION 4
aliyah25
 
Results From Questionnaire
Results From  QuestionnaireResults From  Questionnaire
Results From Questionnaire
3701
 
What is music video
What is music videoWhat is music video
What is music video
altopowder
 
The business of bollywood
The business of bollywoodThe business of bollywood
The business of bollywood
shashankdestiny
 
Goodwin’s theory
Goodwin’s theoryGoodwin’s theory
Goodwin’s theory
GeorgeHolgate
 
Grateful Dead Archivist Reveals Reissue Plans through 2039
Grateful Dead Archivist Reveals Reissue Plans through 2039Grateful Dead Archivist Reveals Reissue Plans through 2039
Grateful Dead Archivist Reveals Reissue Plans through 2039
Andrew Barovick
 
Music video powerpoint clean bandit pp
Music video powerpoint clean bandit ppMusic video powerpoint clean bandit pp
Music video powerpoint clean bandit pp
percy clarke
 
Audience Questionaire Responses
Audience Questionaire ResponsesAudience Questionaire Responses
Audience Questionaire Responses
BaileyMcMeekin
 
The Music Industry
The Music IndustryThe Music Industry
The Music Industry
bethxl
 
Goodwin Theory
Goodwin TheoryGoodwin Theory
Goodwin Theory
Lauren Barrett
 
Audience research
Audience researchAudience research
Audience research
jobh07
 
Bmg
BmgBmg
Flawess
FlawessFlawess
Flawess
Juan
 

What's hot (19)

Unspoken Truth By Jawar
Unspoken Truth By JawarUnspoken Truth By Jawar
Unspoken Truth By Jawar
 
Soft grungeradio
Soft grungeradioSoft grungeradio
Soft grungeradio
 
Digipak analysis
Digipak analysisDigipak analysis
Digipak analysis
 
SMC Club MKE - March 2012 - Video and photo in social media
SMC Club MKE - March 2012 - Video and photo in social mediaSMC Club MKE - March 2012 - Video and photo in social media
SMC Club MKE - March 2012 - Video and photo in social media
 
My presentation 6
My presentation 6My presentation 6
My presentation 6
 
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
Press Release: Gold Record Award-Winner Bob Burger Earns Three Asbury Park Mu...
 
EVALUATION 4
EVALUATION 4EVALUATION 4
EVALUATION 4
 
Results From Questionnaire
Results From  QuestionnaireResults From  Questionnaire
Results From Questionnaire
 
What is music video
What is music videoWhat is music video
What is music video
 
The business of bollywood
The business of bollywoodThe business of bollywood
The business of bollywood
 
Goodwin’s theory
Goodwin’s theoryGoodwin’s theory
Goodwin’s theory
 
Grateful Dead Archivist Reveals Reissue Plans through 2039
Grateful Dead Archivist Reveals Reissue Plans through 2039Grateful Dead Archivist Reveals Reissue Plans through 2039
Grateful Dead Archivist Reveals Reissue Plans through 2039
 
Music video powerpoint clean bandit pp
Music video powerpoint clean bandit ppMusic video powerpoint clean bandit pp
Music video powerpoint clean bandit pp
 
Audience Questionaire Responses
Audience Questionaire ResponsesAudience Questionaire Responses
Audience Questionaire Responses
 
The Music Industry
The Music IndustryThe Music Industry
The Music Industry
 
Goodwin Theory
Goodwin TheoryGoodwin Theory
Goodwin Theory
 
Audience research
Audience researchAudience research
Audience research
 
Bmg
BmgBmg
Bmg
 
Flawess
FlawessFlawess
Flawess
 

Viewers also liked

Advice of warren buffet
Advice of warren buffetAdvice of warren buffet
Advice of warren buffet
Chandan Dubey
 
Mongol oron neelttei hicheel
Mongol oron neelttei hicheelMongol oron neelttei hicheel
Mongol oron neelttei hicheel
Narangerel Baasanjav
 
The Trust Paradox: Access Management and Trust in an Insecure Age
The Trust Paradox: Access Management and Trust in an Insecure AgeThe Trust Paradox: Access Management and Trust in an Insecure Age
The Trust Paradox: Access Management and Trust in an Insecure Age
EMC
 
Nco and exchange rates
Nco and exchange ratesNco and exchange rates
Nco and exchange rates
Travis Klein
 
Apresentação java io
Apresentação java ioApresentação java io
Apresentação java io
Silvino Neto
 
Angelfalls
AngelfallsAngelfalls
Angelfalls
Chandan Dubey
 
Leadership
Leadership Leadership
Leadership
Lalita Pandey
 
Information is the new oil
Information is the new oilInformation is the new oil
Information is the new oil
EMC
 
Webdays blida mobile top 10 risks
Webdays blida   mobile top 10 risksWebdays blida   mobile top 10 risks
Webdays blida mobile top 10 risks
Islam Azeddine Mennouchi
 
Japan russio japanese war
Japan russio japanese warJapan russio japanese war
Japan russio japanese war
Travis Klein
 
Awesome
AwesomeAwesome
Awesome
Chandan Dubey
 
Mon banking
Mon bankingMon banking
Mon banking
Travis Klein
 
We are at
We are atWe are at
We are at
Chandan Dubey
 
Tutorial per pintar_les_ungles_amb_l_estelada
Tutorial per pintar_les_ungles_amb_l_esteladaTutorial per pintar_les_ungles_amb_l_estelada
Tutorial per pintar_les_ungles_amb_l_esteladamgonellgomez
 
20120827maru scaleout seminar
20120827maru scaleout seminar20120827maru scaleout seminar
20120827maru scaleout seminar
Maco Yoshioka
 
Mit2 092 f09_lec15
Mit2 092 f09_lec15Mit2 092 f09_lec15
Mit2 092 f09_lec15
Rahman Hakim
 
Mit2 092 f09_lec03
Mit2 092 f09_lec03Mit2 092 f09_lec03
Mit2 092 f09_lec03
Rahman Hakim
 
Industry Overview: Big Data Fuels Intelligence-Driven Security
Industry Overview: Big Data Fuels Intelligence-Driven SecurityIndustry Overview: Big Data Fuels Intelligence-Driven Security
Industry Overview: Big Data Fuels Intelligence-Driven Security
EMC
 
The art of_being_healthy
The art of_being_healthyThe art of_being_healthy
The art of_being_healthy
Chandan Dubey
 
PyCon lightning talk on my Toro module for Tornado
PyCon lightning talk on my Toro module for TornadoPyCon lightning talk on my Toro module for Tornado
PyCon lightning talk on my Toro module for Tornado
emptysquare
 

Viewers also liked (20)

Advice of warren buffet
Advice of warren buffetAdvice of warren buffet
Advice of warren buffet
 
Mongol oron neelttei hicheel
Mongol oron neelttei hicheelMongol oron neelttei hicheel
Mongol oron neelttei hicheel
 
The Trust Paradox: Access Management and Trust in an Insecure Age
The Trust Paradox: Access Management and Trust in an Insecure AgeThe Trust Paradox: Access Management and Trust in an Insecure Age
The Trust Paradox: Access Management and Trust in an Insecure Age
 
Nco and exchange rates
Nco and exchange ratesNco and exchange rates
Nco and exchange rates
 
Apresentação java io
Apresentação java ioApresentação java io
Apresentação java io
 
Angelfalls
AngelfallsAngelfalls
Angelfalls
 
Leadership
Leadership Leadership
Leadership
 
Information is the new oil
Information is the new oilInformation is the new oil
Information is the new oil
 
Webdays blida mobile top 10 risks
Webdays blida   mobile top 10 risksWebdays blida   mobile top 10 risks
Webdays blida mobile top 10 risks
 
Japan russio japanese war
Japan russio japanese warJapan russio japanese war
Japan russio japanese war
 
Awesome
AwesomeAwesome
Awesome
 
Mon banking
Mon bankingMon banking
Mon banking
 
We are at
We are atWe are at
We are at
 
Tutorial per pintar_les_ungles_amb_l_estelada
Tutorial per pintar_les_ungles_amb_l_esteladaTutorial per pintar_les_ungles_amb_l_estelada
Tutorial per pintar_les_ungles_amb_l_estelada
 
20120827maru scaleout seminar
20120827maru scaleout seminar20120827maru scaleout seminar
20120827maru scaleout seminar
 
Mit2 092 f09_lec15
Mit2 092 f09_lec15Mit2 092 f09_lec15
Mit2 092 f09_lec15
 
Mit2 092 f09_lec03
Mit2 092 f09_lec03Mit2 092 f09_lec03
Mit2 092 f09_lec03
 
Industry Overview: Big Data Fuels Intelligence-Driven Security
Industry Overview: Big Data Fuels Intelligence-Driven SecurityIndustry Overview: Big Data Fuels Intelligence-Driven Security
Industry Overview: Big Data Fuels Intelligence-Driven Security
 
The art of_being_healthy
The art of_being_healthyThe art of_being_healthy
The art of_being_healthy
 
PyCon lightning talk on my Toro module for Tornado
PyCon lightning talk on my Toro module for TornadoPyCon lightning talk on my Toro module for Tornado
PyCon lightning talk on my Toro module for Tornado
 

Similar to 03 wed changes to demand

Substitutes income effect
Substitutes income effectSubstitutes income effect
Substitutes income effect
Travis Klein
 
Micro ch04-presentation-121005103738-phpapp01
Micro ch04-presentation-121005103738-phpapp01Micro ch04-presentation-121005103738-phpapp01
Micro ch04-presentation-121005103738-phpapp01
Qudratullah Mohammadi
 
Demand
DemandDemand
Demand
agjohnson
 
Princ ch04-presentation
Princ ch04-presentationPrinc ch04-presentation
Princ ch04-presentation
professordrcc
 
microeconomics - princ-ch04-presentation.ppt
microeconomics - princ-ch04-presentation.pptmicroeconomics - princ-ch04-presentation.ppt
microeconomics - princ-ch04-presentation.ppt
PhamThanhVinh1
 
5.-Teori-Permintaan-dan-Penawaran.pdf
5.-Teori-Permintaan-dan-Penawaran.pdf5.-Teori-Permintaan-dan-Penawaran.pdf
5.-Teori-Permintaan-dan-Penawaran.pdf
bagindaparsaulian
 
Demand and supply market forces
Demand and supply   market forcesDemand and supply   market forces
Demand and supply market forces
R S
 
Goal 8 supply and demand changes
Goal 8 supply and demand changesGoal 8 supply and demand changes
Goal 8 supply and demand changes
Mrs. Sharbs
 
Goal 8 supply and demand changes
Goal 8 supply and demand changesGoal 8 supply and demand changes
Goal 8 supply and demand changes
Mrs. Sharbs
 
Supply and Demand
Supply and DemandSupply and Demand
Supply and Demand
knorman31
 
Day 4
Day 4Day 4
Mankiew Chapter 4.ppt
Mankiew Chapter 4.pptMankiew Chapter 4.ppt
Mankiew Chapter 4.ppt
MOHAMMADSHOYEB9
 
Prinecomi lectureppt ch03
Prinecomi lectureppt ch03Prinecomi lectureppt ch03
Prinecomi lectureppt ch03
rsvanwassenhove
 
Economic Demand
Economic DemandEconomic Demand
Economic Demand
Home
 
Unit 2 lesson 2 presentation
Unit 2 lesson 2 presentationUnit 2 lesson 2 presentation
Unit 2 lesson 2 presentation
Derek D'Angelo
 
Microeconomicsch 4
Microeconomicsch 4Microeconomicsch 4
Microeconomicsch 4
NawarAlSaadi1
 
D emand
D emandD emand
Demand
DemandDemand
1.3 shifts in_demand [e_doc_find.com]
1.3 shifts in_demand [e_doc_find.com]1.3 shifts in_demand [e_doc_find.com]
1.3 shifts in_demand [e_doc_find.com]
deepathakkar04
 
production of specialized gooods
production of specialized gooodsproduction of specialized gooods
production of specialized gooods
summiyaJaved
 

Similar to 03 wed changes to demand (20)

Substitutes income effect
Substitutes income effectSubstitutes income effect
Substitutes income effect
 
Micro ch04-presentation-121005103738-phpapp01
Micro ch04-presentation-121005103738-phpapp01Micro ch04-presentation-121005103738-phpapp01
Micro ch04-presentation-121005103738-phpapp01
 
Demand
DemandDemand
Demand
 
Princ ch04-presentation
Princ ch04-presentationPrinc ch04-presentation
Princ ch04-presentation
 
microeconomics - princ-ch04-presentation.ppt
microeconomics - princ-ch04-presentation.pptmicroeconomics - princ-ch04-presentation.ppt
microeconomics - princ-ch04-presentation.ppt
 
5.-Teori-Permintaan-dan-Penawaran.pdf
5.-Teori-Permintaan-dan-Penawaran.pdf5.-Teori-Permintaan-dan-Penawaran.pdf
5.-Teori-Permintaan-dan-Penawaran.pdf
 
Demand and supply market forces
Demand and supply   market forcesDemand and supply   market forces
Demand and supply market forces
 
Goal 8 supply and demand changes
Goal 8 supply and demand changesGoal 8 supply and demand changes
Goal 8 supply and demand changes
 
Goal 8 supply and demand changes
Goal 8 supply and demand changesGoal 8 supply and demand changes
Goal 8 supply and demand changes
 
Supply and Demand
Supply and DemandSupply and Demand
Supply and Demand
 
Day 4
Day 4Day 4
Day 4
 
Mankiew Chapter 4.ppt
Mankiew Chapter 4.pptMankiew Chapter 4.ppt
Mankiew Chapter 4.ppt
 
Prinecomi lectureppt ch03
Prinecomi lectureppt ch03Prinecomi lectureppt ch03
Prinecomi lectureppt ch03
 
Economic Demand
Economic DemandEconomic Demand
Economic Demand
 
Unit 2 lesson 2 presentation
Unit 2 lesson 2 presentationUnit 2 lesson 2 presentation
Unit 2 lesson 2 presentation
 
Microeconomicsch 4
Microeconomicsch 4Microeconomicsch 4
Microeconomicsch 4
 
D emand
D emandD emand
D emand
 
Demand
DemandDemand
Demand
 
1.3 shifts in_demand [e_doc_find.com]
1.3 shifts in_demand [e_doc_find.com]1.3 shifts in_demand [e_doc_find.com]
1.3 shifts in_demand [e_doc_find.com]
 
production of specialized gooods
production of specialized gooodsproduction of specialized gooods
production of specialized gooods
 

More from Travis Klein

Monopsony market structure
Monopsony market structureMonopsony market structure
Monopsony market structure
Travis Klein
 
03 ch17 oligopoly
03 ch17 oligopoly03 ch17 oligopoly
03 ch17 oligopoly
Travis Klein
 
02 allocative efficiency
02 allocative efficiency02 allocative efficiency
02 allocative efficiency
Travis Klein
 
01 monopolistic comp
01 monopolistic comp01 monopolistic comp
01 monopolistic comp
Travis Klein
 
01 3 reform
01 3  reform01 3  reform
01 3 reform
Travis Klein
 
Pharm mon to perfect
Pharm mon to perfectPharm mon to perfect
Pharm mon to perfect
Travis Klein
 
Price discriminating monopolist
Price discriminating monopolistPrice discriminating monopolist
Price discriminating monopolist
Travis Klein
 
Monopoly types
Monopoly typesMonopoly types
Monopoly types
Travis Klein
 
Thurs banking
Thurs bankingThurs banking
Thurs banking
Travis Klein
 
Block renaissanceart
Block renaissanceartBlock renaissanceart
Block renaissanceart
Travis Klein
 
Mon printing press
Mon printing pressMon printing press
Mon printing press
Travis Klein
 
Shut down point and profit
Shut down point and profitShut down point and profit
Shut down point and profit
Travis Klein
 
Black plague wed thur
Black plague wed thurBlack plague wed thur
Black plague wed thur
Travis Klein
 
04 black plague wed thur
04 black plague wed thur04 black plague wed thur
04 black plague wed thur
Travis Klein
 
03 intolerance today
03 intolerance today03 intolerance today
03 intolerance today
Travis Klein
 
02 intolerance inquisition
02 intolerance inquisition02 intolerance inquisition
02 intolerance inquisition
Travis Klein
 
01 end of crusades
01 end of crusades01 end of crusades
01 end of crusades
Travis Klein
 
Perfect comp m t
Perfect comp m tPerfect comp m t
Perfect comp m t
Travis Klein
 
Sports assignment
Sports assignmentSports assignment
Sports assignment
Travis Klein
 
Cost curves computer lab
Cost curves computer labCost curves computer lab
Cost curves computer lab
Travis Klein
 

More from Travis Klein (20)

Monopsony market structure
Monopsony market structureMonopsony market structure
Monopsony market structure
 
03 ch17 oligopoly
03 ch17 oligopoly03 ch17 oligopoly
03 ch17 oligopoly
 
02 allocative efficiency
02 allocative efficiency02 allocative efficiency
02 allocative efficiency
 
01 monopolistic comp
01 monopolistic comp01 monopolistic comp
01 monopolistic comp
 
01 3 reform
01 3  reform01 3  reform
01 3 reform
 
Pharm mon to perfect
Pharm mon to perfectPharm mon to perfect
Pharm mon to perfect
 
Price discriminating monopolist
Price discriminating monopolistPrice discriminating monopolist
Price discriminating monopolist
 
Monopoly types
Monopoly typesMonopoly types
Monopoly types
 
Thurs banking
Thurs bankingThurs banking
Thurs banking
 
Block renaissanceart
Block renaissanceartBlock renaissanceart
Block renaissanceart
 
Mon printing press
Mon printing pressMon printing press
Mon printing press
 
Shut down point and profit
Shut down point and profitShut down point and profit
Shut down point and profit
 
Black plague wed thur
Black plague wed thurBlack plague wed thur
Black plague wed thur
 
04 black plague wed thur
04 black plague wed thur04 black plague wed thur
04 black plague wed thur
 
03 intolerance today
03 intolerance today03 intolerance today
03 intolerance today
 
02 intolerance inquisition
02 intolerance inquisition02 intolerance inquisition
02 intolerance inquisition
 
01 end of crusades
01 end of crusades01 end of crusades
01 end of crusades
 
Perfect comp m t
Perfect comp m tPerfect comp m t
Perfect comp m t
 
Sports assignment
Sports assignmentSports assignment
Sports assignment
 
Cost curves computer lab
Cost curves computer labCost curves computer lab
Cost curves computer lab
 

Recently uploaded

How to Fix the Import Error in the Odoo 17
How to Fix the Import Error in the Odoo 17How to Fix the Import Error in the Odoo 17
How to Fix the Import Error in the Odoo 17
Celine George
 
PCOS corelations and management through Ayurveda.
PCOS corelations and management through Ayurveda.PCOS corelations and management through Ayurveda.
PCOS corelations and management through Ayurveda.
Dr. Shivangi Singh Parihar
 
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
RitikBhardwaj56
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
heathfieldcps1
 
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
Natural birth techniques - Mrs.Akanksha Trivedi Rama UniversityNatural birth techniques - Mrs.Akanksha Trivedi Rama University
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
Akanksha trivedi rama nursing college kanpur.
 
clinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdfclinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdf
Priyankaranawat4
 
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
PECB
 
How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRMHow to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
Celine George
 
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)
Academy of Science of South Africa
 
Film vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movieFilm vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movie
Nicholas Montgomery
 
Pride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School DistrictPride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School District
David Douglas School District
 
Top five deadliest dog breeds in America
Top five deadliest dog breeds in AmericaTop five deadliest dog breeds in America
Top five deadliest dog breeds in America
Bisnar Chase Personal Injury Attorneys
 
writing about opinions about Australia the movie
writing about opinions about Australia the moviewriting about opinions about Australia the movie
writing about opinions about Australia the movie
Nicholas Montgomery
 
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
IreneSebastianRueco1
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
eBook.com.bd (প্রয়োজনীয় বাংলা বই)
 
Life upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for studentLife upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for student
NgcHiNguyn25
 
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
mulvey2
 
MARY JANE WILSON, A “BOA MÃE” .
MARY JANE WILSON, A “BOA MÃE”           .MARY JANE WILSON, A “BOA MÃE”           .
MARY JANE WILSON, A “BOA MÃE” .
Colégio Santa Teresinha
 
Advanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docxAdvanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docx
adhitya5119
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
adhitya5119
 

Recently uploaded (20)

How to Fix the Import Error in the Odoo 17
How to Fix the Import Error in the Odoo 17How to Fix the Import Error in the Odoo 17
How to Fix the Import Error in the Odoo 17
 
PCOS corelations and management through Ayurveda.
PCOS corelations and management through Ayurveda.PCOS corelations and management through Ayurveda.
PCOS corelations and management through Ayurveda.
 
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...The simplified electron and muon model, Oscillating Spacetime: The Foundation...
The simplified electron and muon model, Oscillating Spacetime: The Foundation...
 
The basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptxThe basics of sentences session 5pptx.pptx
The basics of sentences session 5pptx.pptx
 
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
Natural birth techniques - Mrs.Akanksha Trivedi Rama UniversityNatural birth techniques - Mrs.Akanksha Trivedi Rama University
Natural birth techniques - Mrs.Akanksha Trivedi Rama University
 
clinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdfclinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdf
 
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
 
How to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRMHow to Manage Your Lost Opportunities in Odoo 17 CRM
How to Manage Your Lost Opportunities in Odoo 17 CRM
 
South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)South African Journal of Science: Writing with integrity workshop (2024)
South African Journal of Science: Writing with integrity workshop (2024)
 
Film vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movieFilm vocab for eal 3 students: Australia the movie
Film vocab for eal 3 students: Australia the movie
 
Pride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School DistrictPride Month Slides 2024 David Douglas School District
Pride Month Slides 2024 David Douglas School District
 
Top five deadliest dog breeds in America
Top five deadliest dog breeds in AmericaTop five deadliest dog breeds in America
Top five deadliest dog breeds in America
 
writing about opinions about Australia the movie
writing about opinions about Australia the moviewriting about opinions about Australia the movie
writing about opinions about Australia the movie
 
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
 
Life upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for studentLife upper-Intermediate B2 Workbook for student
Life upper-Intermediate B2 Workbook for student
 
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptxC1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
C1 Rubenstein AP HuG xxxxxxxxxxxxxx.pptx
 
MARY JANE WILSON, A “BOA MÃE” .
MARY JANE WILSON, A “BOA MÃE”           .MARY JANE WILSON, A “BOA MÃE”           .
MARY JANE WILSON, A “BOA MÃE” .
 
Advanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docxAdvanced Java[Extra Concepts, Not Difficult].docx
Advanced Java[Extra Concepts, Not Difficult].docx
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
 

03 wed changes to demand

  • 1. Bellringer ON SLATES 1. Graph and correctly label this demand schedule Price Movie tickets Per night $15 1000 $12.50 2000 $10 4000 $7.50 7000 2. What economic concept is this graphic showing?
  • 2. Using the law of demand, what would an economist predict about this
  • 3. Review of Law of Demand • What happens in the following situations? • The price of college tuition increases? • The price of blue ray DVD players decreases? • The price of Eegees drinks increases? • Effect on other goods/services?
  • 4. DEMAND CHANGE VOCABULARY • “substitutes” – a good which can be substituted for another • “complements” – a good that is purchased with another • Substitution Effect changes to the price of one good causes a buyer to buy more of the another good and vice versa. The buyer substitutes consumption of the second good for consumption of the first. • Normal goods – goods you buy more of when your income increases • Inferior goods – goods you buy less of when your income increases • Income Effect – changes to a person’s income changes their demand
  • 5. Why is this important for firms?
  • 6. What sorts of goods are these? Others? Compliments? Normal/Inferior?
  • 7.
  • 8.
  • 9.
  • 10. Cultural? • Preferences change • Spam in Hawaii • Sauerkraut at Pueblo
  • 11.
  • 12.
  • 13.
  • 14.
  • 15.
  • 16.
  • 17.
  • 18. Changes to demand Does Demand change when the price of a good changes? Only the Quantity demanded changes with price Review: What is the Q*D at Price = $1.50?
  • 20. Quantity $ Graphically speaking… Demand of movie tickets D* A RAISE!!!! A Child!!!! D after raise
  • 21. Determinants of Demand • Changes to tastes and preferences
  • 22. Determinants of Demand • Changes to income
  • 23. Determinants of Demand • Availability and price of substitute goods
  • 24. Determinants of Demand • Availability and price of compliments
  • 25. Determinants of Demand • Changes to population
  • 26. Determinants of Demand • Expectations of the Future PRICE
  • 27.
  • 28. Future price forcasts Tomato market: Analysts announce tomato prices will decrease in 2016 Electronics market: Its November 2
  • 29. A trick to remember determinants of demand • TRIBE T = tastes of consumers R = Related goods (P$ change) I = Income of consumers B = # of consumers E = expectations of future http://quizlet.com/2043838/individual-markets-flash-cards/
  • 30. Quantity $ Graphically speaking… Demand of movie tickets D* A RAISE!!!! A Child!!!! D after raise
  • 31. A. The price of iPods falls B. The price of music downloads falls C. The price of CDs falls A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11 Demand CurveDemand Curve 31 Draw a demand curve for music downloads. What happens to it in each of the following scenarios? Why?
  • 32. A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11 A. Price of iPods fallsA. Price of iPods falls 32 Q2 Price of music down- loads Quantity of music downloads D1 D2 P1 Q1 Music downloads and iPods are complements. A fall in price of iPods shifts the demand curve for music downloads to the right. Music downloads and iPods are complements. A fall in price of iPods shifts the demand curve for music downloads to the right.
  • 33. A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11 B. Price of music downloads fallsB. Price of music downloads falls 33 The D curve does not shift. Move down along curve to a point with lower P, higher Q. The D curve does not shift. Move down along curve to a point with lower P, higher Q. Price of music down- loads Quantity of music downloads D1 P1 Q1 Q2 P2
  • 34. A C T I V E L E A R N I N GA C T I V E L E A R N I N G 11 C. Price of CDs fallsC. Price of CDs falls 34 P1 Q1 CDs and music downloads are substitutes. A fall in price of CDs shifts demand for music downloads to the left. CDs and music downloads are substitutes. A fall in price of CDs shifts demand for music downloads to the left. Price of music down- loads Quantity of music downloads D1D2 Q2
  • 35. TRIBE Assignment For each part of the: Formulate two scenarios and graph For example: Beef market Consumers see news story about mad cow disease Due start of class Friday, work on during class Thurs AFTER reading

Editor's Notes

  1. In each case, there are only three possible answers: - The curve shifts to the right - The curve shifts to the left - The curve does not shift (though there may be a movement along the curve)
  2. Point out to your students that there are no numbers or units on either axis, and we are using “P1” and “Q1” to represent the initial price and quantity, rather than specific numerical values. Tell them that this is common, because in much economic analysis, the goal is only to see the direction of changes, not specific amounts. (Besides, if we put numbers on this graph, they’d just have been made up, so why bother?) Also point out the following: The price of music downloads is the same, but the quantity demanded is now higher. In fact, this is the nature of a shift in a curve: at any given price, the quantity is different than before.