Law of demand 2014
•Download as PPTX, PDF•
0 likes•479 views
The document discusses different allocation methods such as first come first serve, rationing, and auctions. It then explains the law of demand, how lowering price increases quantity demanded, and how businesses can use demand to predict revenue. The key points are that auctions allocate resources to those willing to pay the most, the law of demand states that as price decreases quantity demanded increases, and businesses care about demand because it allows them to predict revenue from price and quantity sold.
Report
Share
Report
Share
Recommended
law of supply
The document discusses concepts related to supply and demand including:
1) The determinants of supply including price of production, expectations, number of sellers, and technology. These are summarized by the mnemonic "PEST".
2) Examples are provided of how different factors could change supply or demand for various goods such as Xbox games, wheat, new cars, used clothing, and dog food.
3) An assignment is given to formulate scenarios and graph how changes in the demand determinants summarized by "TRIBE" could impact various markets.
Force Cyber Criminals to Shop Elsewhere
The document discusses identity and access management challenges for retailers. It outlines security concerns retailers face, including the need to protect customer data and payment card information from cyber criminals. It then describes specific identity challenges retailers deal with related to compliance, access governance, and managing identity lifecycles. The document proposes using RSA Identity Management and Governance solutions to help retailers with access reviews, governing access through policies, and keeping compliant with regulations. Use cases are provided showing how IMG can help with challenges like point of sale monitoring, unowned accounts, seasonal workers, and operational issues.
Windows Server 8 Deduplication
Deduplication is a technique that eliminates duplicate or redundant information to improve storage utilization. It can be performed inline during data transfer or as a post-process, and works at the file, block, or chunk level to identify identical information and store only one instance of it, using hard links. The document provides an overview of deduplication technology and demonstrations of its installation and use through a graphical interface and PowerShell.
Magazine pitch
This document outlines a pitch for a new rock/indie music magazine. The target audience is younger adults aged 16+ who enjoy reading about their favorite bands, concert locations, festivals, and new artists. The magazine will focus on exclusive content like posters and interviews to stand out from competitors like Kerrang and NME. Some potential masthead names are proposed, with "Bullet" being the top choice as it reflects the attitude of rock music. Sample cover story ideas and layout concepts are presented, with an emphasis on using models and locations that suit the rock genre.
Presentazione andrea molza 24 05-12 definitiva
Assemblea Annuale Ordinaria di Federmanager Bologna del 24/05/2013: le slides con le foto del Progetto Scuole
Using EMC Symmetrix Storage in VMware vSphere Environments
This EMC Engineering TechBook describes how the VMware vSphere platform works with EMC Symmetrix storage systems and software technologies.
Highlights from the EMC & VMware CIO Summit | LAS VEGAS, held at EMC World 2013
Highlights from the EMC & VMware CIO Summit | LAS VEGAS, held at EMC World 2013, where 76 CIOs discussed topics such as the Software-defined Data Center, Cloud, Converged Infrastructure, Big Data, Security, and IT in 2020.
Monopsony market structure
NASA is soliciting proposals from private companies to build a new rocket in 1960. Companies should submit a 5 part proposal including price. NASA will be the sole purchaser of rockets.
Recommended
law of supply
The document discusses concepts related to supply and demand including:
1) The determinants of supply including price of production, expectations, number of sellers, and technology. These are summarized by the mnemonic "PEST".
2) Examples are provided of how different factors could change supply or demand for various goods such as Xbox games, wheat, new cars, used clothing, and dog food.
3) An assignment is given to formulate scenarios and graph how changes in the demand determinants summarized by "TRIBE" could impact various markets.
Force Cyber Criminals to Shop Elsewhere
The document discusses identity and access management challenges for retailers. It outlines security concerns retailers face, including the need to protect customer data and payment card information from cyber criminals. It then describes specific identity challenges retailers deal with related to compliance, access governance, and managing identity lifecycles. The document proposes using RSA Identity Management and Governance solutions to help retailers with access reviews, governing access through policies, and keeping compliant with regulations. Use cases are provided showing how IMG can help with challenges like point of sale monitoring, unowned accounts, seasonal workers, and operational issues.
Windows Server 8 Deduplication
Deduplication is a technique that eliminates duplicate or redundant information to improve storage utilization. It can be performed inline during data transfer or as a post-process, and works at the file, block, or chunk level to identify identical information and store only one instance of it, using hard links. The document provides an overview of deduplication technology and demonstrations of its installation and use through a graphical interface and PowerShell.
Magazine pitch
This document outlines a pitch for a new rock/indie music magazine. The target audience is younger adults aged 16+ who enjoy reading about their favorite bands, concert locations, festivals, and new artists. The magazine will focus on exclusive content like posters and interviews to stand out from competitors like Kerrang and NME. Some potential masthead names are proposed, with "Bullet" being the top choice as it reflects the attitude of rock music. Sample cover story ideas and layout concepts are presented, with an emphasis on using models and locations that suit the rock genre.
Presentazione andrea molza 24 05-12 definitiva
Assemblea Annuale Ordinaria di Federmanager Bologna del 24/05/2013: le slides con le foto del Progetto Scuole
Using EMC Symmetrix Storage in VMware vSphere Environments
This EMC Engineering TechBook describes how the VMware vSphere platform works with EMC Symmetrix storage systems and software technologies.
Highlights from the EMC & VMware CIO Summit | LAS VEGAS, held at EMC World 2013
Highlights from the EMC & VMware CIO Summit | LAS VEGAS, held at EMC World 2013, where 76 CIOs discussed topics such as the Software-defined Data Center, Cloud, Converged Infrastructure, Big Data, Security, and IT in 2020.
Monopsony market structure
NASA is soliciting proposals from private companies to build a new rocket in 1960. Companies should submit a 5 part proposal including price. NASA will be the sole purchaser of rockets.
White Paper: DB2 and FAST VP Testing and Best Practices
This white paper describes how to implement Fully Automated Storage Tiering for Virtual Pools (FAST VP) using EMC Symmetrix VMAX with DB2 for z/OS.
Thurs fri culture of nacirema
This document discusses different cultures such as Inuit culture, Indian culture, and the culture of Wisconsin. It provides prompts for students to identify ways that Inuit culture differs from modern US culture based on pictures. Students are also asked to consider what an Inuit person would find interesting about their own culture. The document discusses the concept of sub-cultures within cultures and asks students to describe the teacher sub-culture at their high school. It also references a reading about the Nacirema culture and asks students to draw and explain six cultural traits of the Nacirema based on the text.
What Are Your Servers Doing While You’re Sleeping?
You’re the DBA, the guy in charge, the guy who gets pounced on first thing in the morning with complaints of “my report took FOREVER to run last night, why?”, or “customers are saying the web site was really slow at 3:00am this morning, why?”. You’re expected to be able to answer questions like that. Can you? Do you know what your servers are doing when you’re not looking?
03 elasticity
The document discusses the concept of price elasticity of demand. It provides examples to illustrate different types of elasticity:
1) Perfectly inelastic demand has a price elasticity of 0, meaning quantity demanded does not change when price changes.
2) Inelastic demand has a price elasticity below 1, indicating quantity demanded changes by a smaller percentage than the price change.
3) Unit elastic demand has a price elasticity of 1, where quantity demanded changes by the same percentage as the price change.
4) Elastic demand has a price elasticity above 1, so quantity demanded responds more than proportionately to price changes.
5) Perfectly elastic demand has an infinite price elasticity
Mon eq p
The document provides instructions for classroom activities, including a verbal discussion on a past exam, completing a graphing experiment on supply and demand with changes to income and price expectations, and reading assignments on market changes from Easy Economist readings to discuss in partners. Students are asked to find and graph exhibits A and B and to try stumping the teacher with questions from their readings.
Thurs rus revolution
Russia was ruled by the Czars prior to 1917. Czar Nicholas grew increasingly unpopular as he limited civil liberties and failed to address economic issues like worker unrest. Meanwhile, Rasputin gained influence over Nicholas and his family but was disliked by many Russians. In 1917, widespread revolts and unrest led Nicholas to abdicate, and a provisional government took over before the Bolsheviks seized power in the Russian Revolution, establishing the Soviet Union and communist rule.
Big Data, Big Innovations
- A modern big data analytics platform like Greenplum's Unified Analytics Platform facilitates self-service, collaborative analytics across structured and unstructured data. This allows organizations to innovate through exploration and experimentation with all their data.
- Traditional data warehouses are inefficient for big data analytics, taking days to load and query data. Greenplum's platform optimizes performance for both structured and unstructured data queries.
- Greenplum's platform and productivity tools like Chorus empower data scientists to quickly explore, visualize, model and share insights from big data in order to uncover new value for organizations.
Attitude
The document discusses the iceberg phenomenon, where only 10% of an iceberg is visible above water while 90% is below the surface. It states this also applies to humans, where only a small portion of one's knowledge, skills, attitudes and behaviors are visible to others, while much remains unseen below the surface. It also provides quotes about the importance of maintaining a positive attitude.
การออกแบบและตกแต่งห้องนอนสวยๆ ด้วยไอเดียการตกแต่งห้องนอนหลายแนว
ในบ้านหลังหนึ่งต้องประกอบไปด้วยหลายๆส่วน ทั้งห้องนั่งเล่น ห้องทำงาน ห้องครัว ห้องน้ำ และห้องนอน แต่ละส่วนนั้นสำคัญไม่น้อยไปกว่ากัน แต่สำหรับผมแล้วห้องนอนดูเหมือนจะสำคัญที่สุด การตกแต่งห้องนอนหลายคนหลายท่านก็จะมีแนวไม่เหมือนกัน สำหรับผมแล้วการตกแต่งห้องนอนที่ดีที่สุดคือการไม่ตกแต่งครับ ไม่มีอะไรเลยยิ่งดี
04 diminishing marginal returns
This document contains notes from an economics lesson on the law of diminishing marginal returns. It includes examples of diminishing marginal returns in areas like production, consumption, effort, movies, video games, alcohol and school/studying. Students are asked to consider how diminishing marginal returns applies to areas like additional school absences, business operations, government services, and partying.
Friday new alliances
The document discusses the long term causes of World War I such as militarism, alliances, imperialism and nationalism. It asks questions about why the Treaty of Versailles did not stop these causes and lead to World War II. It provides reading assignments on symbols and alliances of countries in the 1930s, examples of militarism in Germany, Japan and Italy, examples of imperialism in those countries, and the connection between fascism and nationalism. It concludes with an assignment asking how the Treaty of Versailles could have been changed to prevent World War II.
Wed militarism
1. The document discusses how the concept of "keeping up with the Joneses" and arms races contributed to World War 1. It instructs students to take notes on how the industrial revolution enabled arms races between European powers and how this escalating military spending ultimately led to World War 1.
2. Students are asked to graph military spending data, define an arms race, draw connections to keeping up with neighbors, and predict which countries would lose in a European war.
3. The document provides guidance for an assignment analyzing the links between arms races, nationalism, and the outbreak of World War 1.
Letter to grijalva friday
This document contains a bellringer worksheet asking about public goods and the free rider problem. It also discusses Tax Freedom Day and includes an assignment asking students to write a paragraph for Congressman Grijalva discussing how to reduce tax complexity and eliminate one tax. There are also discussion prompts about taxes, wealth, and the role of government.
White Paper: DB2 and FAST VP Testing and Best Practices
This white paper describes how to implement Fully Automated Storage Tiering for Virtual Pools (FAST VP) using EMC Symmetrix VMAX with DB2 for z/OS.
Napolean thurs
The document provides information about Napoleon Bonaparte in several sections:
1) It begins with two adjective prompts to describe Napoleon Bonaparte, noting he was a strong and brilliant leader from Corsica who joined the French military.
2) It describes some of Napoleon's military accomplishments, including his desire to spread the French Revolution throughout Europe by conquering territories in Spain, Italy, Germany and elsewhere.
3) It notes Napoleon crowned himself Emperor of France in 1799, suspending democracy and enacting the Napoleonic Code to establish property rights and equality.
Formulario teléfonico
El documento contiene 35 registros de formularios telefónicos con los nombres, contactos y números telefónicos de personas. Cada registro incluye un código de identificación único, el nombre de la persona, si el contacto es familiar, personal o profesional, y el número de teléfono.
2015 day 4
This document contains a series of questions and prompts related to economics concepts like demand, elasticity, and determinants of demand. It includes examples of demand schedules and graphs to illustrate key ideas. Students are asked to analyze demand curves, identify price points that maximize revenue, and explain how changes described in various scenarios would impact demand. The document aims to help students learn how to apply concepts of demand, elasticity, and their determinants through examples, practice questions, and interactive activities on whiteboards and slates.
Day 4
This document discusses demand, factors that influence demand, and elasticity of demand. It provides examples of demand schedules and uses graphs to illustrate the law of demand and how quantity demanded responds to changes in price. Key determinants of demand discussed are tastes, prices of related goods, income, number of consumers, and expectations of future prices. Examples are given to show how demand can be elastic or inelastic depending on availability of substitutes, importance of the good to consumers, and other factors.
Law of deemand (economics)
Law of demand the 6 chapter of economics what is law of demand ? answer is given in presentation so watch and understand easily
Supply and Demand in grade12 student PPT.pdf
Introduction to Demand
We buy products for their utility- the pleasure, usefulness, or satisfaction they give us.
What is your utility for the following products? (Measure your utility by the maximum amount you would be willing to pay for this product)Do we have the same utility for these goods?Introduction to Demand
One reason the demand curve slopes downward is due to diminish marginal utility
The principle of diminishing marginal utility says that our additional satisfaction tends to go down as we consume more and more units.
To make a buying decision, we consider whether the satisfaction we expect to gain is worth the money we must give up.
Changes in Demand
Demand Curves can also shift in response to the following factors:
Buyers (# of): changes in the number of consumers
Income: changes in consumers' income
Tastes: changes in preference or popularity of product/ service
Expectations: changes in what consumers expect to happen in the future
Related goods: compliments and substitutes.
BITER: factors that shift the demand curve
Changes in Demand
Prices of related goods affect on demand
Substitute goods a substitute is a product that can be used in the place of another.
The price of the substitute good and demand for the other good are directly related
For example, Coke Price
Pepsi Demand
Complementary goods a compliment is a good that goes well with another good.
When goods are complements, there is an inverse relationship between the price of one and the demand for the other
For example, Peanut Butter Price
Jam Demand
Introduction to Supply
Supply refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.
Supply can refer to the output of one producer or to the total output of all producers in the market (market supply).Introduction to Supply
• A supply schedule can be shown as points on a graph.
• The graph lists prices on the vertical axis and quantities supplied on the horizontal axis.
• Each point on the graph shows how many units of the product or service a producer (or group of producers) would willing sell at a particular price.
• The supply curve is the line that connects these points.
Introduction to Supply
As the price for a good rises, the quantity supplied rises and the quantity demanded falls. As the price falls, the quantity supplied falls and the quantity demanded rises.
The law of supply holds that producers will normally offer more for sale at higher prices and less at lower prices.Introduction to Supply
• The reason the supply curve slopes upward is due to costs and profit.
• Producers purchase resources and use them to produce output.
• Producers will incur costs as they bid resources away from their alternative uses.Introduction to Supply
• Businesses provide goods and services hoping to make a profit.
Profit is the money a business has left over after it covers its costs.
Businesses try to sell at prices high enough to cover it
More Related Content
Viewers also liked
White Paper: DB2 and FAST VP Testing and Best Practices
This white paper describes how to implement Fully Automated Storage Tiering for Virtual Pools (FAST VP) using EMC Symmetrix VMAX with DB2 for z/OS.
Thurs fri culture of nacirema
This document discusses different cultures such as Inuit culture, Indian culture, and the culture of Wisconsin. It provides prompts for students to identify ways that Inuit culture differs from modern US culture based on pictures. Students are also asked to consider what an Inuit person would find interesting about their own culture. The document discusses the concept of sub-cultures within cultures and asks students to describe the teacher sub-culture at their high school. It also references a reading about the Nacirema culture and asks students to draw and explain six cultural traits of the Nacirema based on the text.
What Are Your Servers Doing While You’re Sleeping?
You’re the DBA, the guy in charge, the guy who gets pounced on first thing in the morning with complaints of “my report took FOREVER to run last night, why?”, or “customers are saying the web site was really slow at 3:00am this morning, why?”. You’re expected to be able to answer questions like that. Can you? Do you know what your servers are doing when you’re not looking?
03 elasticity
The document discusses the concept of price elasticity of demand. It provides examples to illustrate different types of elasticity:
1) Perfectly inelastic demand has a price elasticity of 0, meaning quantity demanded does not change when price changes.
2) Inelastic demand has a price elasticity below 1, indicating quantity demanded changes by a smaller percentage than the price change.
3) Unit elastic demand has a price elasticity of 1, where quantity demanded changes by the same percentage as the price change.
4) Elastic demand has a price elasticity above 1, so quantity demanded responds more than proportionately to price changes.
5) Perfectly elastic demand has an infinite price elasticity
Mon eq p
The document provides instructions for classroom activities, including a verbal discussion on a past exam, completing a graphing experiment on supply and demand with changes to income and price expectations, and reading assignments on market changes from Easy Economist readings to discuss in partners. Students are asked to find and graph exhibits A and B and to try stumping the teacher with questions from their readings.
Thurs rus revolution
Russia was ruled by the Czars prior to 1917. Czar Nicholas grew increasingly unpopular as he limited civil liberties and failed to address economic issues like worker unrest. Meanwhile, Rasputin gained influence over Nicholas and his family but was disliked by many Russians. In 1917, widespread revolts and unrest led Nicholas to abdicate, and a provisional government took over before the Bolsheviks seized power in the Russian Revolution, establishing the Soviet Union and communist rule.
Big Data, Big Innovations
- A modern big data analytics platform like Greenplum's Unified Analytics Platform facilitates self-service, collaborative analytics across structured and unstructured data. This allows organizations to innovate through exploration and experimentation with all their data.
- Traditional data warehouses are inefficient for big data analytics, taking days to load and query data. Greenplum's platform optimizes performance for both structured and unstructured data queries.
- Greenplum's platform and productivity tools like Chorus empower data scientists to quickly explore, visualize, model and share insights from big data in order to uncover new value for organizations.
Attitude
The document discusses the iceberg phenomenon, where only 10% of an iceberg is visible above water while 90% is below the surface. It states this also applies to humans, where only a small portion of one's knowledge, skills, attitudes and behaviors are visible to others, while much remains unseen below the surface. It also provides quotes about the importance of maintaining a positive attitude.
การออกแบบและตกแต่งห้องนอนสวยๆ ด้วยไอเดียการตกแต่งห้องนอนหลายแนว
ในบ้านหลังหนึ่งต้องประกอบไปด้วยหลายๆส่วน ทั้งห้องนั่งเล่น ห้องทำงาน ห้องครัว ห้องน้ำ และห้องนอน แต่ละส่วนนั้นสำคัญไม่น้อยไปกว่ากัน แต่สำหรับผมแล้วห้องนอนดูเหมือนจะสำคัญที่สุด การตกแต่งห้องนอนหลายคนหลายท่านก็จะมีแนวไม่เหมือนกัน สำหรับผมแล้วการตกแต่งห้องนอนที่ดีที่สุดคือการไม่ตกแต่งครับ ไม่มีอะไรเลยยิ่งดี
04 diminishing marginal returns
This document contains notes from an economics lesson on the law of diminishing marginal returns. It includes examples of diminishing marginal returns in areas like production, consumption, effort, movies, video games, alcohol and school/studying. Students are asked to consider how diminishing marginal returns applies to areas like additional school absences, business operations, government services, and partying.
Friday new alliances
The document discusses the long term causes of World War I such as militarism, alliances, imperialism and nationalism. It asks questions about why the Treaty of Versailles did not stop these causes and lead to World War II. It provides reading assignments on symbols and alliances of countries in the 1930s, examples of militarism in Germany, Japan and Italy, examples of imperialism in those countries, and the connection between fascism and nationalism. It concludes with an assignment asking how the Treaty of Versailles could have been changed to prevent World War II.
Wed militarism
1. The document discusses how the concept of "keeping up with the Joneses" and arms races contributed to World War 1. It instructs students to take notes on how the industrial revolution enabled arms races between European powers and how this escalating military spending ultimately led to World War 1.
2. Students are asked to graph military spending data, define an arms race, draw connections to keeping up with neighbors, and predict which countries would lose in a European war.
3. The document provides guidance for an assignment analyzing the links between arms races, nationalism, and the outbreak of World War 1.
Letter to grijalva friday
This document contains a bellringer worksheet asking about public goods and the free rider problem. It also discusses Tax Freedom Day and includes an assignment asking students to write a paragraph for Congressman Grijalva discussing how to reduce tax complexity and eliminate one tax. There are also discussion prompts about taxes, wealth, and the role of government.
White Paper: DB2 and FAST VP Testing and Best Practices
This white paper describes how to implement Fully Automated Storage Tiering for Virtual Pools (FAST VP) using EMC Symmetrix VMAX with DB2 for z/OS.
Napolean thurs
The document provides information about Napoleon Bonaparte in several sections:
1) It begins with two adjective prompts to describe Napoleon Bonaparte, noting he was a strong and brilliant leader from Corsica who joined the French military.
2) It describes some of Napoleon's military accomplishments, including his desire to spread the French Revolution throughout Europe by conquering territories in Spain, Italy, Germany and elsewhere.
3) It notes Napoleon crowned himself Emperor of France in 1799, suspending democracy and enacting the Napoleonic Code to establish property rights and equality.
Formulario teléfonico
El documento contiene 35 registros de formularios telefónicos con los nombres, contactos y números telefónicos de personas. Cada registro incluye un código de identificación único, el nombre de la persona, si el contacto es familiar, personal o profesional, y el número de teléfono.
Viewers also liked (18)
White Paper: DB2 and FAST VP Testing and Best Practices
White Paper: DB2 and FAST VP Testing and Best Practices
What Are Your Servers Doing While You’re Sleeping?
What Are Your Servers Doing While You’re Sleeping?
การออกแบบและตกแต่งห้องนอนสวยๆ ด้วยไอเดียการตกแต่งห้องนอนหลายแนว
การออกแบบและตกแต่งห้องนอนสวยๆ ด้วยไอเดียการตกแต่งห้องนอนหลายแนว
White Paper: DB2 and FAST VP Testing and Best Practices
White Paper: DB2 and FAST VP Testing and Best Practices
Similar to Law of demand 2014
2015 day 4
This document contains a series of questions and prompts related to economics concepts like demand, elasticity, and determinants of demand. It includes examples of demand schedules and graphs to illustrate key ideas. Students are asked to analyze demand curves, identify price points that maximize revenue, and explain how changes described in various scenarios would impact demand. The document aims to help students learn how to apply concepts of demand, elasticity, and their determinants through examples, practice questions, and interactive activities on whiteboards and slates.
Day 4
This document discusses demand, factors that influence demand, and elasticity of demand. It provides examples of demand schedules and uses graphs to illustrate the law of demand and how quantity demanded responds to changes in price. Key determinants of demand discussed are tastes, prices of related goods, income, number of consumers, and expectations of future prices. Examples are given to show how demand can be elastic or inelastic depending on availability of substitutes, importance of the good to consumers, and other factors.
Law of deemand (economics)
Law of demand the 6 chapter of economics what is law of demand ? answer is given in presentation so watch and understand easily
Supply and Demand in grade12 student PPT.pdf
Introduction to Demand
We buy products for their utility- the pleasure, usefulness, or satisfaction they give us.
What is your utility for the following products? (Measure your utility by the maximum amount you would be willing to pay for this product)Do we have the same utility for these goods?Introduction to Demand
One reason the demand curve slopes downward is due to diminish marginal utility
The principle of diminishing marginal utility says that our additional satisfaction tends to go down as we consume more and more units.
To make a buying decision, we consider whether the satisfaction we expect to gain is worth the money we must give up.
Changes in Demand
Demand Curves can also shift in response to the following factors:
Buyers (# of): changes in the number of consumers
Income: changes in consumers' income
Tastes: changes in preference or popularity of product/ service
Expectations: changes in what consumers expect to happen in the future
Related goods: compliments and substitutes.
BITER: factors that shift the demand curve
Changes in Demand
Prices of related goods affect on demand
Substitute goods a substitute is a product that can be used in the place of another.
The price of the substitute good and demand for the other good are directly related
For example, Coke Price
Pepsi Demand
Complementary goods a compliment is a good that goes well with another good.
When goods are complements, there is an inverse relationship between the price of one and the demand for the other
For example, Peanut Butter Price
Jam Demand
Introduction to Supply
Supply refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.
Supply can refer to the output of one producer or to the total output of all producers in the market (market supply).Introduction to Supply
• A supply schedule can be shown as points on a graph.
• The graph lists prices on the vertical axis and quantities supplied on the horizontal axis.
• Each point on the graph shows how many units of the product or service a producer (or group of producers) would willing sell at a particular price.
• The supply curve is the line that connects these points.
Introduction to Supply
As the price for a good rises, the quantity supplied rises and the quantity demanded falls. As the price falls, the quantity supplied falls and the quantity demanded rises.
The law of supply holds that producers will normally offer more for sale at higher prices and less at lower prices.Introduction to Supply
• The reason the supply curve slopes upward is due to costs and profit.
• Producers purchase resources and use them to produce output.
• Producers will incur costs as they bid resources away from their alternative uses.Introduction to Supply
• Businesses provide goods and services hoping to make a profit.
Profit is the money a business has left over after it covers its costs.
Businesses try to sell at prices high enough to cover it
Price
The document defines several pricing terms and concepts used in marketing, including:
- Price is the value of a product expressed in dollars. The break-even point is when revenue from sales equals costs.
- Pricing objectives are goals that tell marketers what they want to achieve through pricing.
- Psychological pricing uses techniques to create an image to entice customers.
- Other terms defined include list price, market price, price-fixing, price discrimination, MSRP, and unit pricing. Discount pricing strategies for businesses include cash discounts, promotional discounts, quantity discounts, seasonal discounts, and trade discounts.
Week 2 lecture demand & supply fall 2012
The document discusses key concepts related to markets and demand, including:
1) It defines different economic systems such as capitalism, communism, socialism, and mixed economies.
2) It explains how a market works as a place where buyers and sellers voluntarily exchange goods and services at an agreed upon price, creating mutual benefits.
3) It introduces the demand and supply model and how the interaction between buyers and sellers determines price and quantity. It also outlines key determinants of demand such as price, income, and expectations.
4) It illustrates the inverse relationship between price and quantity demanded via a demand curve and how marginal revenue can be used to find the price that maximizes total revenue for a firm.
Lecture 2 Supply, Demand, and Market Equilibrium.ppt
This document provides an introduction to the economic concepts of supply, demand, and market equilibrium. It includes definitions of demand and supply, how to represent them graphically with demand and supply curves, and how the interaction of supply and demand determines the equilibrium price in a market. Key points covered include: the downward slope of the demand curve and upward slope of the supply curve; factors that can cause a shift in demand or supply; how surpluses and shortages occur at prices above or below the equilibrium price; and how markets work to eliminate surpluses and shortages over time through price adjustments.
SupplyandDemand.ppt
This document provides an introduction to the economic concepts of supply, demand, and market equilibrium. It includes definitions of demand and supply, how to represent them graphically with demand and supply curves, and factors that can cause the curves to shift. The key points covered are:
- Demand is based on willingness and ability to purchase, represented by a downward sloping demand curve. The curve can shift from changes in income, tastes, expectations, or prices of related goods.
- Supply is based on willingness to produce and sell at different price levels, represented by an upward sloping supply curve. The curve can shift from changes in costs of production, technology, or prices of other goods.
- Where the demand and
PPC 360 Presentation - Smart China Sourcing Summit - Hong Kong 2016
Presentation on Amazon Sponsored Ads from The Smart China Sourcing Summit in Hong Kong at the Global Sources Show - April 2016.
Essential tools and tips for selling online bridgewater 12.06.15
This document provides an overview of essential tips and tools for selling online. It discusses setting up online storefronts using platforms like eBay, Amazon, Etsy, Shopify and WooCommerce. It also covers payment options like PayPal, SagePay and WorldPay. Additionally, it provides tips on search engine optimization, social media marketing and using pay-per-click ads on Google AdWords.
Digital pricing strategies
This document discusses digital pricing strategies and lessons learned from Logos Bible Software. It provides tips for setting prices like finding the best price that makes a profit and brings customers back. It suggests delivering real value through limited-time deals and discounts. Other recommendations include offering multiple price points and bundles, allowing users to self-select options, and selling niche products others don't buy to leave money on the table. The goal is to maximize revenue through pricing while gaining and retaining customers.
Mon tues supply curves
The document contains notes from an economics class discussing supply and demand. It includes examples of supply curves, determinants of supply such as price of production, technology, and the number of sellers. It also discusses the difference between shifts in supply versus demand curves, using examples such as wheat, new cars, and insurance plans. Students are asked questions about how to increase the supply of pushups in an experiment and what causes shifts in the supply curve.
Adam Kint - ReviewIT
The document describes an app called Review IT that allows users to scan product barcodes and receive information to help them choose products. It summarizes the following key points:
1. Review IT allows users to scan a product's barcode to get information to compare items side by side, find the cheapest local prices, and see reviews to make an informed purchase decision.
2. The business model involves selling the app for $2 with costs of $0.50 per app for labor and $0.59 for other variable costs, contributing $0.91 per app sold.
3. Projections estimate selling 150 apps per month to break even, with sales of over 3,800 units and $7,
Market Equilibrium (Demand and Supply)
This document discusses market equilibrium between demand and supply. It defines key concepts like market, demand, supply, demand curves, supply curves, and equilibrium. The equilibrium price and quantity occur where the demand and supply curves intersect, and where the quantity demanded equals the quantity supplied. An example equilibrium calculation is shown using algebraic demand and supply functions. The concepts are illustrated with graphs of the demand curve, supply curve, and equilibrium point.
Deman Micro Economics ECO101
1. The document discusses the fundamentals of demand and supply, including defining demand with a demand curve, the determinants of demand, and the difference between a shift in demand versus movement along a demand curve.
2. It explains that a demand curve slopes downward due to the law of demand and the law of diminishing marginal utility - as price increases, quantity demanded decreases.
3. The main determinants of demand are price of the good, income, tastes, prices of substitutes and complements, and expectations about future prices and income. A change in a determinant causes the demand curve to shift, while a change in price results in movement along the
eBay’s 2017 Holiday Playbook: Tips and Trends for More Sales this Season
eBay reaches 171 million active buyers in 190 countries globally.
Learn how to advertise your listings, and create promotional offers to help you stand out, drive visibility, and increase sales.
Demand and Supply Analysis (Economics) Lecture Notes
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Price Determination
The document discusses the concepts of supply and demand. It states that as price increases, demand decreases, and as price decreases, demand increases. Conversely, as price increases, supply increases, and as price decreases, supply decreases. The document explains that consumers buy more of something when it is cheaper to minimize expenses and maximize utility, while producers sell more of something when the price is higher to minimize costs and maximize profits. The equilibrium price is reached where the quantity demanded equals the quantity supplied. [/SUMMARY]
Chapter 1 - Economic Decisions and Systems
This document provides an overview of key economic concepts from Chapter 1. It defines that businesses make money by satisfying consumer wants and needs, driving the US economy. It then defines important vocabulary like goods, services, wants, needs, and economic resources. It explains that resources are limited and scarcity means not having enough resources to satisfy all wants. It also discusses economic decision making, opportunity cost, different types of economies, competition between businesses, the roles of consumers and producers, and how supply and demand determine market price.
MBEC 6001 Pre-MBA Economics L1(1) (1) (5 files merged).pdf
This document provides an outline for a course on principles of economics. It covers key concepts like scarcity, opportunity cost, incentives, supply and demand. The course outline discusses microeconomic topics like consumer behavior, costs of production, and market structures. It also addresses macroeconomic goals, fiscal policy, and monetary policy. The document includes lecture notes on the basic economic problem of scarcity, definitions of economics, and the four principles of economic thinking - people face tradeoffs, opportunity cost, rational decision making at the margin, and response to incentives. It also provides examples and exercises to illustrate these concepts.
Similar to Law of demand 2014 (20)
Lecture 2 Supply, Demand, and Market Equilibrium.ppt
Lecture 2 Supply, Demand, and Market Equilibrium.ppt
PPC 360 Presentation - Smart China Sourcing Summit - Hong Kong 2016
PPC 360 Presentation - Smart China Sourcing Summit - Hong Kong 2016
Essential tools and tips for selling online bridgewater 12.06.15
Essential tools and tips for selling online bridgewater 12.06.15
eBay’s 2017 Holiday Playbook: Tips and Trends for More Sales this Season
eBay’s 2017 Holiday Playbook: Tips and Trends for More Sales this Season
Demand and Supply Analysis (Economics) Lecture Notes
Demand and Supply Analysis (Economics) Lecture Notes
MBEC 6001 Pre-MBA Economics L1(1) (1) (5 files merged).pdf
MBEC 6001 Pre-MBA Economics L1(1) (1) (5 files merged).pdf
More from Travis Klein
03 ch17 oligopoly
The three market structures are perfect competition, monopolistic competition, and oligopoly. They seem to depend on the number of firms in the industry and level of product differentiation. Oligopoly is characterized by having a few large firms, similar but not identical products, and interdependent decision making. The concentration ratio measures the percentage of total market output produced by the top four firms, with higher ratios indicating less competition. Several US industries have very high concentration ratios, including video game consoles at 100% and credit cards at 99%.
02 allocative efficiency
This document discusses different types of economic efficiency including allocative efficiency, productive efficiency, and dynamic efficiency. It examines these efficiencies in the context of perfect competition, monopoly, and monopolistic competition market structures. Productive efficiency refers to producing at lowest cost while dynamic efficiency involves reinvesting supernormal profits into lowering costs further. The document considers which market structure results in each type of efficiency.
01 monopolistic comp
This document contains snippets of text from various sources discussing economic concepts like market structures, competition, and costs. It includes brief explanations of perfect competition, monopolistic competition, oligopoly, and monopoly market types. Students are asked questions about different markets and perfect competition. Graphs are shown for perfect competition, monopolistic competition, and marginal revenue under monopolistic competition with deadweight loss.
01 3 reform
This document discusses the Reformation period in Christianity between 500-1500 AD. It provides background that during this time all Christians were Catholic, led by the Pope and bishops. The priests sold indulgences claiming they could reduce time in purgatory. Martin Luther protested the Catholic Church's corruption in 1517, sparking the Protestant reformation. Luther and other reformers disagreed with practices like selling indulgences and wanted people to be able to read the Bible in their own language. The document examines key figures and events of the Reformation like Martin Luther, his 95 Theses, and the new Protestant churches that formed.
Pharm mon to perfect
This document discusses demand for lifesaving pharmaceuticals and the pricing of drugs under a monopoly. It asks how the demand curve would look if a firm had a patent on a cure for cancer and what deadweight loss would be. It also asks if such a firm should be allowed to charge any price and how quantity supplied would change if the firm price discriminated. The document then provides a graph showing the transition from a monopoly market to a competitive market when a drug patent expires and generics enter. It asks about other similar markets and provides links about copyright and public domain works.
Price discriminating monopolist
This document discusses the concept of price discrimination. It begins by defining price discrimination as selling the same good at different prices to different buyers based on their willingness to pay. It provides examples such as student/senior discounts and differences in airline ticket prices. The document explains that under perfect price discrimination, a monopolist can capture all consumer surplus as profit and eliminate deadweight loss. However, in reality firms can only imperfectly discriminate by dividing customers into groups based on observable traits related to willingness to pay. It concludes by asking questions about whether price discrimination should always be illegal and discussing the "Soup Nazi" character from Seinfeld.
Monopoly types
This document discusses monopolies and public policy related to monopolies. It begins by explaining the key characteristics of a monopoly market, including that a monopoly has total pricing power as the sole seller of a good or service. It then discusses the different types of monopolies such as geographic, government-granted, technological, and natural monopolies. The document goes on to explain how a profit-maximizing monopoly determines its optimal quantity and price using demand and marginal cost curves. It notes that a monopoly produces a lower quantity and charges a higher price than would be produced under perfect competition, resulting in deadweight loss. Finally, it discusses various public policy options for dealing with monopolies, such as antitrust laws to increase competition, regulation
Thurs banking
This document contains instructions for a homework assignment about the Medici family during the Renaissance. Students are asked to answer 7 questions: 1) identifying if a source is primary or secondary, 2) discussing how the Medici family business helped Europeans, 3) considering why the Medici patronized artists, 4) listing 3 Medici contributions people enjoy today, 5) analyzing the Medici view on education, 6) evaluating the impact of powerful families, and 7) creating a timeline of 5 Medici family events. The document repeats the assignment questions multiple times.
Block renaissanceart
This document provides an overview of Renaissance art and key concepts about the Renaissance period from the 1300s to 1550. It discusses causes of the Renaissance like the rediscovery of Greek/Roman ideas and art. Renaissance art is characterized by elements like perspective, realism, contrast between light and dark, and depicting humanism in Greek/Roman styles. The document lists and shows images of famous Renaissance artists like Michelangelo, Donatello, Da Vinci, and Raphael and some of their iconic works. Students are assigned a task analyzing Renaissance paintings or creating original art in the Renaissance style.
Mon printing press
The document discusses the impact of the printing press invention by Johannes Gutenberg in the 1400s-1600s. It notes that before the printing press, all books were handwritten which was a long and difficult process. The printing press allowed books and new ideas to spread widely across Europe, helping to end ignorance. This was a factor in the Renaissance period, a time of "rebirth" in European culture and society. The document suggests Gutenberg is one of the most important people to ever live due to his role in popularizing printing.
Shut down point and profit
The document contains examples and explanations of microeconomic concepts related to firm behavior including:
1. How a competitive firm determines its profit-maximizing quantity where marginal revenue equals marginal cost.
2. How the marginal cost curve determines the firm's supply decision - if price is above marginal cost, the firm will increase output.
3. The difference between a firm's short-run decision to shutdown if price is below average variable cost, versus its long-run decision to exit the market if price is below average total cost.
Black plague wed thur
The document discusses the deadliness of diseases over time. It mentions that the Black Plague killed 30-50% of Europe's population in the 1300s. Students are asked to compare graphs showing which diseases are not as deadly today and which two diseases remain deadly. The document also discusses a modern plague outbreak in Madagascar in 2013 and brainstorms ways the US and Madagascar governments could help prevent future outbreaks. Students are assigned to create a 4-page health pamphlet for people in the 1300s about the symptoms, prevention, and societal impacts of the Bubonic Plague.
04 black plague wed thur
The document discusses several deadly pandemics throughout history, including the Black Death plague which originated in China and spread along the Silk Road to Europe in the 14th century, killing an estimated 30-50% of the European population. Students are assigned to write a letter from a Silk Road trader during this time period describing how life has changed in Rome due to the plague, symptoms of the disease, and how to prevent its spread. Other assignments involve analyzing the impact of a modern disease outbreak and creating an educational pamphlet about the bubonic plague.
03 intolerance today
The document provides instructions for students to complete assignments on discrimination and religious intolerance. Students are asked to describe a time they witnessed discrimination and how they responded, and how they will respond in the future. They are also assigned a group poster project analyzing cases of extreme religious intolerance by indicating the location, groups involved, and events, and conveying a message about the effects of such behavior.
02 intolerance inquisition
The document discusses the religious protections guaranteed by the First Amendment and how countries may change if they adopted different state religions. It provides background on countries with official state religions, the concept of a theocracy where government is run by religious rules, and details about the Spanish Inquisition where the Catholic church ruled Spain and persecuted those who did not conform to Catholic doctrine.
01 end of crusades
Constantinople was important during the Crusades as it was the capital of the Byzantine Empire and controlled the trade routes between Europe and Asia. Spain was under Muslim control during the Crusades. The document provides notes about Crusades events like the Siege of Jerusalem in 1099 and Battle of Nicopolis in 1396, and asks questions about Crusader advantages and Ibn Fadlan's travels.
Perfect comp m t
This document discusses competition in markets through a series of examples and questions. It begins with an experiment involving different levels of competition and asks students to consider how it affects pricing power. It then discusses the benefits and drawbacks of competition for consumers and producers. Various market structures are introduced, including perfect competition as exemplified by markets like gasoline, salt, and paper clips. Firms in perfect competition are price takers, and the document explores how they can increase revenue and profit given these constraints.
Sports assignment
The Tohono O'odham tribe wants to build a soccer stadium next to their casino. This would create both positive and negative externalities for the local community and governments. Negative externalities could include increased traffic and noise, while positive externalities could include more jobs and tax revenue. Finding ways to minimize the harm to neighbors, such as addressing traffic issues, would help gain city support for financing the stadium project. Understanding the elasticity of demand for tickets, concessions, and merchandise through price changes would help the tribe maximize revenue.
Cost curves computer lab
This document provides instructions for creating graphs using an online graphing tool to illustrate various microeconomics concepts related to supply and demand, costs of production, and market equilibrium. Students are asked to create graphs showing: a unit elastic supply/demand curve with price controls; a market with negative externalities; the effect of a per unit tax; short-run cost curves and break-even analysis; and supply/demand shifts in response to current events. The final questions provide an additional economics game and a request for new classroom tools.
04 economies of scale
This document discusses short-run and long-run costs of production. It contains the following key points:
1. In the short-run, some inputs like factories are fixed, while in the long-run all inputs are variable as firms can build or sell factories.
2. A firm's long-run average total cost curve shows the lowest average cost for each quantity based on the most efficient factory size. It is determined by connecting the minimum points of different factory sizes' short-run average total cost curves.
3. Economies of scale cause average total cost to fall as production increases due to factors like specialization. Diseconomies of scale cause costs to rise due to coordination problems in
More from Travis Klein (20)
Recently uploaded
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...Nguyen Thanh Tu Collection
https://app.box.com/s/tacvl9ekroe9hqupdnjruiypvm9rdaneBossa N’ Roll Records by Ismael Vazquez.
Bossa N Roll Records presentation by Izzy Vazquez for Music Retail and Distribution class at Full Sail University
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
Practical manual for National Examination Council, Nigeria.
Contains guides on answering questions on the specimens provided
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher, Director of Education and Skills at the OECD presents at the launch of PISA 2022 Volume III - Creative Minds, Creative Schools on 18 June 2024.
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
Benner "Expanding Pathways to Publishing Careers"
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
How to Predict Vendor Bill Product in Odoo 17
This slide will guide us through the process of predicting vendor bill products based on previous purchases from the vendor in Odoo 17.
Educational Technology in the Health Sciences
Plenary presentation at the NTTC Inter-university Workshop, 18 June 2024, Manila Prince Hotel.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
Temple of Asclepius in Thrace. Excavation results
The temple and the sanctuary around were dedicated to Asklepios Zmidrenus. This name has been known since 1875 when an inscription dedicated to him was discovered in Rome. The inscription is dated in 227 AD and was left by soldiers originating from the city of Philippopolis (modern Plovdiv).
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh
Geography as a Discipline Chapter 1 __ Class 11 Geography NCERT _ Class Notes...
Geography as discipline
Recently uploaded (20)
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BÀI TẬP BỔ TRỢ TIẾNG ANH LỚP 9 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2024-2025 - ...
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
BIOLOGY NATIONAL EXAMINATION COUNCIL (NECO) 2024 PRACTICAL MANUAL.pptx
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
Andreas Schleicher presents PISA 2022 Volume III - Creative Thinking - 18 Jun...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Traditional Musical Instruments of Arunachal Pradesh and Uttar Pradesh - RAYH...
Geography as a Discipline Chapter 1 __ Class 11 Geography NCERT _ Class Notes...
Geography as a Discipline Chapter 1 __ Class 11 Geography NCERT _ Class Notes...
Law of demand 2014
- 1. Bellringer 1. Which allocation method does your family use to distribute resources? 2. Which method do sellers ebay use? 3. Which method is used on Wall Street? Brute force First come, first serve Rationing (usually equal) Rationing by committee Based on need (poorest) Contest based Random lottery Auction – willing to pay
- 2. Economists like Auction too We use price because it lowers opportunity cost Brute force First come, first serve Rationing (usually equal) Rationing by committee Based on need (poorest) Contest based Random lottery Auction – willing to pay
- 3. Where do prices come from? • XBOX1 OR PS4 • Demand • The combination of how much people will buy at a certain prices, at a certain time period (week, month, year etc) • Why important for entrepreneurs or managers?
- 5. In one week How many Subway subs would you buy at the following prices? Add up your table Price Footlongs $1.00 $2.00 $5.00 $7.00 $9.00
- 6. Lets graph one table’s answers Title _________________
- 8. Demand Schedule Cookies Price Quantity Demanded per day $0.20 7 $0.40 4 $0.60 2 $0.80 1 $1.00 1 $1.20 0
- 9. Demand Schedule Cookies Price QD*Day $0.20 7 $0.40 4 $0.60 2 $0.80 1 $1.00 1 $1.20 0 P $ Quantity Demand Curve 1.20 1.00 0.80 0.60 0.40 0.20 1 2 3 4 5 6 7
- 10. Law of Demand Law of Demand: As price declines, quantity demanded increases. As price increases, quantity demanded decreases Law of Demand: P Therefore Q demand P Therefore Q demand Demand curve always slopes down
- 11. Why do businesses care? • Demand predicts revenue • Revenue = Price X Quantity sold Cookies Price QD*Day Revenue $0.20 7 $0.40 4 $0.60 2 $0.80 1 $1.00 1 $1.20 0
- 12. On your BR 4. 3 goods or services you buy more of when they go on sale 5. An example of something you try to conserve because its expensive 6. What price should this company choose if they want to maximize revenue?
- 13. Currently organ donation in the US is done by donation only, and first come first serve. 4. Write a paragraph comparing and contrasting this allocation method with an auction for kidneys where people on the waiting list could buy kidneys from donors. Which method do you think is best?