Please create the demand table of some product. Let's assume that you surveyed 5 prices and corresponding quantities. Please using your Demand Schedule draw the Demand Curve on the paper and attach here a photo of you drawing How your demand curve is showing the Law of Demand, try to illustrate with your data. What happens with Q when P is increasing?
Please create the demand table of some product.
Let's assume that you surveyed 5 prices and corresponding quantities.
Please using your Demand Schedule draw the Demand Curve on the paper
and attach here a photo of you drawing
How your demand curve is showing the
What happens with Q when P is increasing?
How do you understand the substitution effect? What could be the substitutes to your purchased product?
What would happen to the demand of your product if the price of the substitute would increase?
If few of you friends would be buying the same product, each of you would have a bit different Demand Schedule. What does it say market demand as a sum of individual demand schedules?
How do you understand moving along the curve and curve shifting? What is the difference? Please use your drawn demand curve and shift it to practice the understanding. Attach the photo here.
What are the factors (see the theory) making the demand curve shift?
Step by step
Solved in 5 steps with 1 images
