© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 41 CHAPTER 4 Demand 4.1 4.1The Demand Curve 4.2 4.2Elasticity of Demand 4.3 4.3Changes in Demand.

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© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 41 CHAPTER 4 Demand The Demand Curve Elasticity of Demand Changes in Demand

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 42 CHAPTER 4 Demand  Why are newspapers sold in vending machines that allow you to take more than one copy?  How much do you eat when you can eat all you want?  What cures spring fever?  What economic principle is behind the saying, “Been there, done that”?  Why do higher cigarette taxes cut smoking by teenagers more than by other age groups? Consider

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 43 LESSON 4.1 The Demand Curve  Explain the law of demand  Interpret a demand schedule and demand curve Objectives

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 44 LESSON 4.1 The Demand Curve  demand  law of demand  marginal utility  law of diminishing marginal utility  demand curve  quantity demanded  individual demand  market demand Key Terms

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 45 Demand  Demand indicates how much of a product consumers are both willing and able to buy at each possible price during a given period, other things remaining constant.

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 46 Law of Demand  The law of demand says that quantity demanded varies inversely with price, other things constant. Thus, the higher the price, the smaller the quantity demanded.

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 47 Law of Demand  Demand, wants, and needs  Substitution effect  Income effect  Diminishing marginal utility

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 48 Demand Schedule and Demand Curve  Demand versus quantity demanded  Individual demand and market demand

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 49 Demand Schedule Price Quantity Demanded per Pizza per Week (millions) a$158 b1214 c920 d626 e332

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 410 Demand Curve for Pizza a b c d e D Millions of pizzas per week $ Price per pizza

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 411 $ (c) Chris $ (b) Brianna $ Price 123 Pizzas (per week) (a) Hector Individual Demand for Pizzas d H d B d C

© SOUTH-WESTERNCONTEMPORARY ECONOMICS: CHAPTER 412 $ Price 123 Pizzas (per week) (d) Market demand for pizzas 6 Market Demand for Pizzas d H d B d C D ++=