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Instructions:  View instructions on the section padlet.

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Instructions:  View instructions on the section padlet.

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Team:  Students will do one chapter per section.  View your assigned padlet at this link.

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Team:  Students will do one chapter per section.  View your assigned padlet at this link.

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Price is on the vertical (y) axis.
Quantity is on the horizontal (x) axis.
"P's before Q's" if you look left to right or top to bottom.
Label units.
"Holding other things constant" means the graph reflects current conditions. Things other than price can influence decisions (interdependence principle), therefore shifting the curve.

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it is a graph, where you plot the quantity of an item that someone plans to buy, at each price.

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the tendency for quantity demanded to be higher when the price is lower.

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buy more of an item if the marginal benefit of one more is greater than (or equal to) the price.

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increase in demand because at each and every price the quantity demanded is higher.

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Decrease in demand because the quantity demanded at every price the quantity demanded in lower.

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The marginal benefit of each additional item is smaller than the marginal benefit of the previous item.

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For normal goods, demand increases as income increases. Most goods are normal goods.
For inferior goods, demand decreases when income rises. You can make do with inferior goods, such as older cars and ramen noodles, but if you have more income, you prefer something better.

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Complementary vs. Substitute Goods - Prices of Related Goods - (Demand Sifter)

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Complementary vs. Substitute Goods - Prices of Related Goods - (Demand Sifter)

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Complementary goods “go well together.” Examples: hot dog buns and hot dogs, phones and phone cases, cars and gas.
Demand for complementary goods increase and decrease together.

Substitute goods are a replacement to each other.
Examples: walking, cycling, ride-sharing, or catching the bus are all substitutes for driving.
Demand for a good will increase if the price of its substitutes rises, and decrease if the price of substitutes falls.

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(1-5 shift individual and market demand.)
1. Income - increased income increases demand for normal goods and decreases demand for inferior goods.
2. Preferences - life events (marriage, children), marketing, social pressure, and trends can influence preferences and increase or decrease demand.
3. Prices of related goods -
Demand for any good will increase if the price of its substitutes rises.
Demand for any good will increase if prices of its complementary goods decrease.
4. Expectations - expecting the price of goods to be lower tomorrow will reduce demand today.
5. Congestion and network effects - Congestion effects are when a large number of users reduces value and demand. Network effects increase value and demand as more people are users.
6. The number and type of buyers - changes in the composition of the market (ex: generational differences, international trade) can shift the market demand curve.

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An individual demand curve is a graph plotting the quantity of an item that someone plans to buy at each price. This will show that at lower prices a person is willing to purchase a higher quantity of the item and at higher prices, the quantity they are willing to purchase decreases. The graph is downward sloping and holds everything else constant.

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Choosing what your demand curve might look like includes choosing what you are willing to pay for each quantity of the item. This means looking at the benefit priorities as well as the marginal benefit for you. The book describes figuring out how much gas to put in your car at what priority. So if your biggest benefit is shopping at a lower cost store but it's further away, you figure how much putting the extra gas in your car to go the extra distance saves you in your groceries. With this you look at the cost-benefit principle and the opportunity cost principle. With these you look at do the benefits outweigh the cost and the "or what," what other alternatives are there and what are their costs. With the rational rule for buyers, you buy one more of the item if the marginal benefit of one more is greater to or equal to the price.

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Market demand is the sum of the quantity demanded by each person. For each price, the market demand curve shows the total quantity demanded by the market. Managers use survey data to estimate their market demand curve. This can be a four step process. Step one is to survey customers, ask them what the quantity is they would buy at each price. Step two: for each price add up the total quantity demanded by your customers. Step three: Scale up the quantities demanded by the survey so they represent the whole market. Step four: Plot the total quantity demanded by the market at each price, yielding the market demand curve. Market demand curve is downward sloping and prices change demand for new and old customers. A change in price causes a movement along the demand curve bringing a change in the quantity demanded.

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The interdependence principle reminds you that a buyer's best choice also depends on many other factors beyond price, and when these other factors change, so might their demand decisions. An example of this would be, the quantity of gas you may buy at any given price may change with a pay raise, the amount of traffic increases, or prices of alternatives like public transportation falls. When you no longer hold on to "all other things remain constant," the demand curve may shift. Six factors that can shift the market demand , and the first five also the individual demand are: 1. Income 2. Preferences 3. Prices of related goods 4. Expectations 5. Congestion and network effects 6. The type and number of buyers.