Unit 2 lesson 2 presentation
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The document discusses the determinants of demand. It identifies six key determinants: (1) changes in income, (2) changes in prices of related goods like substitutes and complements, (3) changes in population size or composition, (4) changes in price expectations, (5) changes in tastes/preferences, and (6) changes in consumer expectations about health effects. It provides examples showing how an increase or decrease in these determinants would shift a demand curve, representing a change in the quantity demanded at each price level rather than a movement along the curve.
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Factors Affecting Demand
Factors that can affect demand include:
1) Consumer income - Demand increases when consumer income rises through higher wages or lower prices for other goods.
2) Consumer tastes - Demand may change when products are successfully marketed or new trends emerge.
3) Substitutes - Demand for one product falls when substitutes become cheaper. Lower butter prices increase demand for margarine.
4) Complements - Related goods see demand rise together; lower DVD player prices boost DVD demand.
Factors Affecting Demand
The document discusses factors that can affect demand beyond just price. These factors include consumer income, expectations, population change, and tastes/trends. Changes in these non-price factors do not cause movement along the demand curve, but instead shift the entire demand curve, either to the right if demand increases or to the left if demand decreases. Examples are given for how each factor can impact demand for certain goods.
Case studies using Demand and Supply Concept
This is a case study. Case is :
As one example of demand and supply analysis, let us assume we have a product with the situation shown in the graph below.
The price is Rs.100 per unit.Now the government has imposed 5% tax to the seller which increased the cost of production. Please explain following with the support of graph:
Do the cost of production affects Demand or Supply
Will there be a shift or movement along supply
Will the cost of production will make the good less profitable
In order to make the same profit as before application of tax, how much price the seller should increase presuming that the (i) demand of the product is totally inelastic and (ii) demand of the product is perfectly elastic
What are the factors which affects the demand and supply of any product
THEORY OF DEMAND
This document discusses the theory of demand. It defines demand and outlines the law of demand, which states that as price increases, quantity demanded decreases, assuming other factors remain constant. It discusses individual and market demand schedules and curves. It also outlines several factors that influence demand, such as price, income, tastes, and the prices of substitutes and complements. Additionally, it discusses the concepts of change in quantity demanded versus change in demand, and explains the downward sloping nature of the demand curve. Finally, it covers price elasticity of demand, the factors that influence it, and its importance for pricing and revenue decisions.
Demand and supply presentation
1. The document discusses the economic concepts of demand, supply, and equilibrium.
2. It explains that demand is represented by a demand curve showing the relationship between price and quantity demanded, and that it typically slopes downward as price increases according to the law of demand. Supply is represented similarly by a supply curve.
3. The document also introduces the concept of market equilibrium, which occurs where the supply and demand curves intersect and quantity supplied equals quantity demanded.
Determinants of demand
As the population and number of consumers increases, the overall demand for goods will also rise. Demand depends on factors like income, tastes, product preferences, prices of substitutes and complements, and special occasions. When income or the price of complements decrease, demand is likely to increase. However, if the price of substitutes decreases or income declines, demand may fall instead. Advertising can also impact tastes and demand over time.
Market Demand
This document provides an overview of market demand theory including definitions of demand, the demand curve, factors that shift the demand curve, and the concepts of utility and diminishing marginal utility. It defines demand as the quantity consumers are willing and able to purchase at a given price. The demand curve illustrates the inverse relationship between price and quantity demanded. Factors like income levels, prices of substitutes/complements, and advertising can cause the demand curve to shift. Utility represents satisfaction from consumption, and the idea of diminishing marginal utility explains why demand curves slope downward.
Recommended
Factors Affecting Demand
Factors that can affect demand include:
1) Consumer income - Demand increases when consumer income rises through higher wages or lower prices for other goods.
2) Consumer tastes - Demand may change when products are successfully marketed or new trends emerge.
3) Substitutes - Demand for one product falls when substitutes become cheaper. Lower butter prices increase demand for margarine.
4) Complements - Related goods see demand rise together; lower DVD player prices boost DVD demand.
Factors Affecting Demand
The document discusses factors that can affect demand beyond just price. These factors include consumer income, expectations, population change, and tastes/trends. Changes in these non-price factors do not cause movement along the demand curve, but instead shift the entire demand curve, either to the right if demand increases or to the left if demand decreases. Examples are given for how each factor can impact demand for certain goods.
Case studies using Demand and Supply Concept
This is a case study. Case is :
As one example of demand and supply analysis, let us assume we have a product with the situation shown in the graph below.
The price is Rs.100 per unit.Now the government has imposed 5% tax to the seller which increased the cost of production. Please explain following with the support of graph:
Do the cost of production affects Demand or Supply
Will there be a shift or movement along supply
Will the cost of production will make the good less profitable
In order to make the same profit as before application of tax, how much price the seller should increase presuming that the (i) demand of the product is totally inelastic and (ii) demand of the product is perfectly elastic
What are the factors which affects the demand and supply of any product
THEORY OF DEMAND
This document discusses the theory of demand. It defines demand and outlines the law of demand, which states that as price increases, quantity demanded decreases, assuming other factors remain constant. It discusses individual and market demand schedules and curves. It also outlines several factors that influence demand, such as price, income, tastes, and the prices of substitutes and complements. Additionally, it discusses the concepts of change in quantity demanded versus change in demand, and explains the downward sloping nature of the demand curve. Finally, it covers price elasticity of demand, the factors that influence it, and its importance for pricing and revenue decisions.
Demand and supply presentation
1. The document discusses the economic concepts of demand, supply, and equilibrium.
2. It explains that demand is represented by a demand curve showing the relationship between price and quantity demanded, and that it typically slopes downward as price increases according to the law of demand. Supply is represented similarly by a supply curve.
3. The document also introduces the concept of market equilibrium, which occurs where the supply and demand curves intersect and quantity supplied equals quantity demanded.
Determinants of demand
As the population and number of consumers increases, the overall demand for goods will also rise. Demand depends on factors like income, tastes, product preferences, prices of substitutes and complements, and special occasions. When income or the price of complements decrease, demand is likely to increase. However, if the price of substitutes decreases or income declines, demand may fall instead. Advertising can also impact tastes and demand over time.
Market Demand
This document provides an overview of market demand theory including definitions of demand, the demand curve, factors that shift the demand curve, and the concepts of utility and diminishing marginal utility. It defines demand as the quantity consumers are willing and able to purchase at a given price. The demand curve illustrates the inverse relationship between price and quantity demanded. Factors like income levels, prices of substitutes/complements, and advertising can cause the demand curve to shift. Utility represents satisfaction from consumption, and the idea of diminishing marginal utility explains why demand curves slope downward.
Equilibrium
The document discusses the concepts of demand, supply, and market equilibrium. It defines demand as the quantity consumers are willing to buy at a given price, and supply as the quantity producers are willing to provide. Equilibrium exists where supply and demand are equal, establishing an equilibrium price and quantity. The document outlines the laws of supply and demand and how shifts can change the equilibrium point, such as a rise in demand increasing both price and quantity. Causes of excess supply or demand are also examined, and how equilibrium is impacted by changes in underlying market factors.
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The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
Market supply
The document discusses the theory of market supply in economics. It defines supply as the quantity of a good or service producers are willing and able to provide at a given price in a given time period. The basic law of supply is that supply increases as price rises, as shown by a positively-sloped supply curve. The reasons for the upward-sloping supply curve are the profit motive, increasing production costs as output expands, and new producers entering the market at higher prices. The document provides examples and illustrations of how supply responds to changes in price and other factors.
Demand
Demand refers to the quantity of a product that consumers are willing and able to purchase at different prices over a period of time. The quantity demanded of a product decreases when the price increases and increases when the price decreases, following the law of demand. Factors that can shift the demand curve include income, prices of related goods, tastes, expectations, number of buyers, and taxes or subsidies. These shift factors cause the entire demand curve to move up or down, changing the quantity demanded at each price level.
Price Elasticity of Supply
This document discusses the price elasticity of supply. It defines price elasticity of supply as the relationship between a change in quantity supplied and a change in price. It also provides the formula for calculating price elasticity of supply. Supply can be elastic, unit elastic, or inelastic depending on the coefficient. The document lists factors that affect price elasticity of supply, such as factor substitution possibilities, spare production capacity, stock levels, and time frames. Short-term supply may be more inelastic due to fixed factors, while long-run supply is more elastic.
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The document outlines key government economic objectives such as maintaining a healthy balance of payments, low unemployment, low inflation, and economic growth. It then discusses these objectives in more detail and how they are impacted by factors like the balance of payments, inflation, unemployment, and the business cycle. Government policies aim to achieve stability and manage the four stages of the business cycle: growth, boom, recession, and slump.
Demand and Supply Analysis (Economics) Lecture Notes
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This document discusses factors that impact price sensitivity for products and customers. It identifies several key factors that can help reduce price sensitivity, including customer satisfaction and loyalty, customer involvement with the product, uniqueness of the product, availability of substitutes, brand image, and customer spending power. Understanding these factors is important for product positioning and pricing strategies to protect profitability and improve sales.
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- Supply refers to how much of a good or service producers are willing to offer for sale at different prices. The quantity supplied typically increases as price increases, as shown by the upward sloping supply curve.
- The interaction of supply and demand determines the market equilibrium price and quantity through the forces of supply and demand.
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The document provides an overview of supply and demand fundamentals. It defines key terms like quantity demanded, demand curve, quantity supplied, and supply curve. It explains how supply and demand are determined by price and how shifts can occur due to non-price factors. Examples of demand shifters include income, prices of related goods, tastes and preferences. Supply shifters include input prices, technology changes, and number of sellers. The document uses graphs and examples to illustrate concepts of supply, demand, and market equilibrium.
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Demand refers to the quantity of a product that consumers are willing and able to purchase at different prices over a period of time. The quantity demanded of a product decreases when the price increases and increases when the price decreases, following the law of demand. Factors that can shift the demand curve include income, prices of related goods, tastes, expectations, number of buyers, and taxes or subsidies. These shift factors cause the entire demand curve to move up or down, changing the quantity demanded at each price level.
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This document discusses the price elasticity of supply. It defines price elasticity of supply as the relationship between a change in quantity supplied and a change in price. It also provides the formula for calculating price elasticity of supply. Supply can be elastic, unit elastic, or inelastic depending on the coefficient. The document lists factors that affect price elasticity of supply, such as factor substitution possibilities, spare production capacity, stock levels, and time frames. Short-term supply may be more inelastic due to fixed factors, while long-run supply is more elastic.
Government economic objectives and policies
The document outlines key government economic objectives such as maintaining a healthy balance of payments, low unemployment, low inflation, and economic growth. It then discusses these objectives in more detail and how they are impacted by factors like the balance of payments, inflation, unemployment, and the business cycle. Government policies aim to achieve stability and manage the four stages of the business cycle: growth, boom, recession, and slump.
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
Online to offline (O2O) Commerce
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The slides has been made upon the basics of " Theory of supply" on can read and take a general idea about the theory of supply.
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This document discusses factors that impact price sensitivity for products and customers. It identifies several key factors that can help reduce price sensitivity, including customer satisfaction and loyalty, customer involvement with the product, uniqueness of the product, availability of substitutes, brand image, and customer spending power. Understanding these factors is important for product positioning and pricing strategies to protect profitability and improve sales.
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Similar to Unit 2 lesson 2 presentation
Supply and demand only
- Demand refers to how much of a good or service consumers are willing and able to purchase at different prices. The quantity demanded typically decreases as price increases, as shown by the downward sloping demand curve.
- Supply refers to how much of a good or service producers are willing to offer for sale at different prices. The quantity supplied typically increases as price increases, as shown by the upward sloping supply curve.
- The interaction of supply and demand determines the market equilibrium price and quantity through the forces of supply and demand.
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The document provides an overview of supply and demand fundamentals. It defines key terms like quantity demanded, demand curve, quantity supplied, and supply curve. It explains how supply and demand are determined by price and how shifts can occur due to non-price factors. Examples of demand shifters include income, prices of related goods, tastes and preferences. Supply shifters include input prices, technology changes, and number of sellers. The document uses graphs and examples to illustrate concepts of supply, demand, and market equilibrium.
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
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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
3. Principles of economics- Market supply and demand.ppt
1) Supply and demand are the fundamental market forces that determine price and quantity in a competitive market.
2) Supply is determined by producers and increases with price, while demand is determined by consumers and decreases with price.
3) The equilibrium price is where supply and demand are equal in the market, resulting in neither a surplus or shortage.
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.
Supply demand
Best insights of Supply Demand theory in simple words and easy to understand. Have a great a learning..!!
Demand
The document discusses the economic model of demand. It defines demand as the amount of a good or service a consumer wants to buy and is able to buy. The standard model of demand states that the quantity demanded depends on the good's own price, income, prices of other goods, and consumer preferences. It describes the demand curve as showing the quantity demanded at different prices, with all other factors held constant. The law of demand is that quantity demanded is negatively related to price. Changes in factors other than price cause the demand curve to shift.
Law of Supply and Demand
The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
Substitutes income effect
This document provides information and discussion prompts about demand, determinants of demand, and how demand changes over time. It defines key demand concepts like complements, substitutes, normal goods, and inferior goods. It also identifies the main determinants of demand - tastes, related goods, income, number of buyers, and expectations of future prices - known by the acronym TRIBE. Students are asked questions about when normal and inferior goods would sell best and examples of tomato complements and substitutes. The document aims to help students understand what influences demand and how demand changes.
ECO101 Lecture 3.pptx
1. The document discusses the concepts of demand and supply from an economics textbook. It defines markets, competitive markets, and explains what determines demand.
2. The law of demand states that as price increases, quantity demanded decreases, and as price decreases, quantity demanded increases. Demand schedules and curves illustrate this relationship graphically.
3. Factors that can cause a shift in the demand curve include prices of substitutes and complements, income, population changes, and preferences. A change in price results in a movement along the demand curve.
Econ topic 2.0
The document discusses demand and factors that influence the demand curve. It explains that the demand curve slopes downward, showing that as price increases, quantity demanded decreases. It also outlines several factors besides price that can cause the demand curve to shift, such as income, tastes, prices of related goods, number of buyers, and expectations. The document illustrates shifts in the demand curve through examples and graphs to distinguish between movements along the curve and shifts of the entire curve.
need, demand, supply, consumption and elasticity
The document discusses economic models and theories of demand and supply. It provides definitions of models, theories, demand, and supply. It presents the standard models of demand and supply, which show quantity demanded and supplied as functions of own price and other factors. The key relationships are: (1) demand curves slope downward as quantity demanded increases with lower price; (2) supply curves slope upward as quantity supplied increases with higher price.
Allocation of resorces
This document discusses different economic systems for allocating resources and how demand and supply determine price. There are three basic ways to allocate resources: market economy, mixed economy, and planned economy. A market economy relies on supply and demand with no government intervention to determine what and how much is produced. A mixed economy has both private and public sectors with some government intervention. A planned economy has all production controlled by the government. Demand and supply curves show the relationship between price and quantity. When demand and supply are equal, the equilibrium price is reached. The equilibrium can change due to shifts in demand or supply curves.
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The document discusses the basics of supply in economics. It defines supply as the willingness and ability of sellers to produce and sell a good. The law of supply states that quantity supplied varies directly with price - producers supply more at higher prices due to increased potential profits. A supply schedule lists the quantity supplied at different prices, and the supply curve shows this relationship graphically by plotting points from the schedule on a graph with quantity on the x-axis and price on the y-axis. The supply curve slopes upward. Determinants like costs of resources, technology, and number of sellers can shift the entire supply curve by changing the willingness or ability of producers.
Unit 2 Lesson 1: The Basics of Demand
This document discusses the basics of demand, including:
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- The law of demand states that as price increases, quantity demanded decreases, and vice versa.
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Economic systems and economic goals
Economic systems evolved to deal with scarcity by answering key economic questions about production, distribution, and consumption. They also determine ownership and coordination of production factors. Main economic systems goals include economic freedom, equity, efficiency, security, stability, and growth. Freedom concerns a free marketplace with limited government intervention. Equity is fair outcomes for all parties. Efficiency means fulfilling needs with maximized resources. Security is stable income and resources to support living standards now and in the future. Stability refers to absence of fluctuations while growth is increased capacity to produce over time.
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Chapter 2
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Chapter 3
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- 2. Review: Change in QuantityReview: Change in Quantity DemandedDemanded Quantity Price D1
- 3. On to … Determinants of Demand
- 4. DETERMINANTS OF DEMAND Changes in income Changes in the prices of related goods Substitutes: goods that can replace one another Compliments: goods that are consumed together Changes in the size or composition of the population Change in price expectations Changes in tastes/preferences
- 5. Practice Problem #1 What would happen to the demand of pizza if you find out pizza causes heart disease? • Determinant? • Increase or decrease in demand?
- 6. Answer to Practice Problem #1 What would happen to the demand for pizza if you find out that pizza causes heart disease? • Determinant - A change in consumer tastes/preferences; consumer expectations • Decrease in demand
- 7. Practice Problem #2 What would happen to the demand of Nike shoes if it is the favorite shoe of many sports celebrities? • Determinant? • Increase or decrease in demand?
- 8. Answer to Practice Problem #2 What would happen to the demand of Nike shoes if it is the favorite shoe of many sports celebrities? • Determinant – A change in consumer tastes/preferences • Increase in demand
- 9. Practice Problem #3 •A new energy drink comes to market that does not have negative side effects (e.g., jitters, crashes). • Determinant? • Increase or decrease in demand of Red Bull?
- 10. Answer to Practice Problem #3 • A new energy drink comes to market that does not have negative side effects (e.g., jitters, crashes). • Determinant – A related good (substitute) • Decrease in demand of Red Bull
- 11. Practice Problem # 4 •Student allowances and the minimum wage for work increases. • Determinant? • Increase or decrease in demand of video games?
- 12. Practice Problem # 4 •Student allowances and the minimum wage for work increases. • Determinant – Income increase • Increase in demand of video games
- 13. Movement Along a Demand Curve Versus a Shift of the Curve • Remember there is a difference between quantity demanded and demand. • Markets never stand still, there are always outside factors that change the actual price of the good or how much is demanded altogether. • A change price creates a change in the quantity demanded, other things constant. ▫ This causes a movement along the demand curve. • A change in one of the determinants of demand causes a change in demand. ▫ This causes in a shift of a demand curve. Or a new curve.
- 14. What determinants would increase the market demand for pizza?
- 15. Determinants Increasing Demand • Increases in income • Increases in population • Increase in prices of substitute goods • Decrease in price of complement goods • Consumer expectation that prices will increase in the future • Improvement in taste • Increased consumer preferences
- 16. Determinants of increased demand change the story….. How so? Quantity demanded of pizza per week (by millions) Price of pizza 15 $15.00 20 $12.00 25 $9.00 30 $6.00 35 $3.00 --- $0.00 Quantity demanded of pizza per week (by millions) Price of pizza 9 $15.00 14 $12.00 19 $9.00 25 $6.00 30 $3.00 --- $0.00 Original Story New Story
- 17. 8 14 20 26 32 Millions of pizzas per week $15 12 9 6 3 0 Priceperpizza D1 How would determinants of increased demand change the picture of demand? b
- 18. 8 14 20 26 32 Millions of pizzas per week $15 12 9 6 3 0 Priceperpizza D1 Increased Market Demand for Pizza D2 fb
- 19. What determinants would decrease the market demand for pizza?
- 20. Determinants Decreasing Demand • Decreases in income • Decreases in population • Decrease in prices of substitute goods • Increase in price of complement goods • Consumer expectation that prices will decrease in the future • Deterioration of taste • Decreased consumer preferences
- 21. Determinants of decreased demand change the story….. How so? Quantity demanded of pizza per week (by millions) Price of pizza 5 $15.00 10 $12.00 15 $9.00 20 $6.00 25 $3.00 --- $0.00 Quantity demanded of pizza per week (by millions) Price of pizza 9 $15.00 14 $12.00 19 $9.00 25 $6.00 30 $3.00 --- $0.00 Original Story New Story
- 22. 8 14 20 26 32 Millions of pizzas per week $15 12 9 6 3 0 Priceperpizza D1 How would determinants of decreased demand change the picture of demand? b
- 23. b D2 Decreased Market Demand for Pizza 8 14 20 26 32 Millions of pizzas per week $15 12 9 6 3 0 Priceperpizza j D1
Editor's Notes
- Arnold, Roger A. Economics In Our Time (Teacher's Edition). Grand Rapids: West Educational, 1999. McEachern, William A. Contemporary Economics. Mason, Ohio: Thomson South-Western, 2005.