Demand. Demand- the desire, ability, and willingness to buy a product Questions that need answered Where?- competition How much?- market sustainability.

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Presentation transcript:

Demand

Demand- the desire, ability, and willingness to buy a product Questions that need answered Where?- competition How much?- market sustainability Who? - are the buyers

1. Law of demand- as prices go up, demand goes down- inverse proportion a. exceptions- items that are in over-demand i.e.- hunting, seasonal clothing, Harley’s 2. Market Demand- optimum demand in the market 3.Marginal Utility- extra satisfaction a person gets from acquiring 1 more unit of a product

4. Diminishing marginal utility- the more we use a product, the satisfaction derived diminishes

PRICEQUANTITY DEMANDED  $30  25  20  15  10  5 001358001358

PriceLarryCurlyMarket $30000 $25011 $20123 $15336 $ $58715