CONTEMPORARY ECONOMICS

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CONTEMPORARY ECONOMICS 4.1 The Demand Curve CONTEMPORARY ECONOMICS 4/25/2017 4 Demand 4.1 The Demand Curve 4.2 Elasticity of Demand 4.3 Changes in Demand LESSON 4.1

4.1 The Demand Curve CONSIDER Why are newspapers sold in vending machines that allow you to take more than one copy? How much chocolate 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?

Explain the law of demand Interpret a demand schedule and demand curve 4.1 The Demand Curve Objectives Explain the law of demand Interpret a demand schedule and demand curve

4.1 The Demand Curve Key Terms demand law of demand marginal utility law of diminishing marginal utility demand curve quantity demanded individual demand market demand

4.1 The Demand Curve 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.

4.1 The Demand Curve 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.

Law of Demand Demand, wants, and needs Substitution effect 4.1 The Demand Curve Law of Demand Demand, wants, and needs Substitution effect Income effect Diminishing marginal utility

Demand Schedule and Demand Curve 4.1 The Demand Curve Demand Schedule and Demand Curve Demand versus quantity demanded Individual demand and market demand

Demand Schedule and Demand Curve for Pizza 4.1 The Demand Curve Demand Schedule and Demand Curve for Pizza Price per Pizza Quantity Demanded per Week (millions) a $15 8 b 12 14 c 9 20 d 6 26 e 3 32 Figure 4.1

Individual Demand for Pizzas 4.1 The Demand Curve Individual Demand for Pizzas $12 8 4 Price 1 2 3 Pizzas (per week) (a) Hector d H $12 8 4 1 2 (b) Brianna d B $12 8 4 1 (c) Chris d C Figure 4.4

Market Demand for Pizzas 4.1 The Demand Curve Market Demand for Pizzas $12 8 4 Price 1 2 3 Pizzas (per week) (d) Market demand for pizzas 6 d H B C D + = Figure 4.4