S&D: Graphing! What are some substitute products for a music CD?

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Presentation transcript:

S&D: Graphing! What are some substitute products for a music CD? If consumer’s real income goes up, what will happen to the demand for consumer goods? Why did Apple create the Ipod? If the price of college decreases what will happen to the demand for college?

Demand Curve What is the QD at $5? $3? $1? What is the price when QD is 10? 40? What happens to the QD as the price goes up?

Now you try it! Draw an “L” shaped graph Y axis = price X axis = quantity demanded

Quantity of Jeans Demanded Graphing Basics Price of Jeans Quantity of Jeans Demanded $20 500 $40 400 $60 300 $80 200

Quantity of Pizzas Demanded Graphing Basics Price of Pizza Quantity of Pizzas Demanded $5 70 $8 50 $10 30 $12 10