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Part I: Demand What is Demand? When consumers are willing AND able to buy a good/service at a particular price…. Blow-Pop Simulation From the blow-pop simulation, we see a relationship between price and demand from the demand SCHEDULE (table)…. When Price decreased, the demand for the blow-pop’s increased….. This is the Law of Demand! Law of Demand There is an inverse relationship between the price of a good/service and it’s demand…. In other words, when Price increases, demand decreases. When Price Decreases, Demand Increases. Law of Demand – Demand CURVE Terminology Change in Demand (demand shift) Change in Quantity Demanded (demand movement) What leads to a change in Demand or a change in Quantity Demanded? 1. 2. 3. 4. 5. Determinants of Demand – factors that shift/move a demand curve Change in Consumer Tastes Change in the number of buyers Change income Change in prices of complements/substitutes Change in consumer expectations Law of Diminishing Marginal Utility For each unit of a good/service consumed (used), the satisfaction for the next unit will decrease…..huh? Songs on a radio You can only listen to “Black and Yellow” so many times before it gets “played out” Marshmallow simulation