An individual's demand curve for a good can be derived by
measuring the quantities selected as
a the price of the good changes.
b the price of substitute goods changes.
c income changes.
d All of the above.
discuss the process through which an individual's demand
curve can be developed and then how a market demand curve can be
determined. This involves utility, marginal utility, and
indifference curves. Be sure to discuss the process (equating the
marginal utility per dollar spent across goods consumed) a consumer
uses to achieve maximum satisfaction in consumption aka as the
rational spending rule and the concept of diminishing marginal
utility (this marginal comparison process is the heart of much of
economics). Also...
What is the Law of Demand?
What factors cause the Demand Curve to shift? There are
five.
What is the difference between a change in Demand and a change
in Quantity Demanded?
Draw graphs illustrating 1) an increase in Demand and 2)
increase in Quantity Demanded? Label your axis! . If you can’t
figure out how to post graphs, describe what they would look
like.
What causes a change in Quantity Demanded?
What is the difference between a Normal Good...
What does a demand curve illustrate? What will cause a demand
curve to shift? Provide two examples from the automobile market
where the demand for automobiles expands.
What are the determinants of supply? Provide three examples
from the market for automobiles where the supply of automobiles
will contract (shift left).
How are the markets for automobiles and gasoline related? What
would happen to the market for automobiles if the consumer price of
gasoline rose?
Explain the term Opportunity Cost. What...
What is the difference between a shift in the demand curve and
movement along the demand curve? Choose a product to use as an
example and describe something specific that might cause its demand
to shift. Also explain something specific that might cause movement
to another point on the same demand curve.
What is derived demand? Can theory around derived demand apply
to other scenarios or events that we may experience or be exposed
to? Expand upon this discussion with your original thoughts, ideas
and perspectives.