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Bell Work Objective: Define demand and identify how to graph it. Bell Question: What does demand mean? Demand What is demand? Demand is the desire plus the ability and willingness to pay Desire +Ability = Demand What is the law of demand? As Price goes UP DEMAND goes down As Price goes DOWN DEMAND goes up Prices Demand Prices Demand What is a demand schedule? The demand schedule is a chart showing the quantity demanded at different prices. How much would you pay for your favorite CD? $1 $5 $10 $20 $30 $40 I’ll just burn it! I love this band... DEMAND SCHEDULE H.W. PICK A PRODUCT COME UP WITH 6 PRICES FOR THAT PRODUCT ASK 100 PEOPLE HOW MUCH THEY WOULD PAY FOR THAT PRODUCT (GET THEIR SIGNATURE) CREATE A GRAPH DUE Friday
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