https://padlet.com/perrythomasbarrett/8b3chfqrq86u Web Tools for Differentiation en-us 2017-04-07 16:15:31 UTC 2017-04-07 16:29:36 UTC hello@padlet.com perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165425947
The term "demand", as used by economists, is very different to how people use the term in everyday language. By demand, economists mean the entire schedule of quantities demanded at all possible market prices.

]]> 2017-04-07 16:18:30 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165425947 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165426403 The quantity demanded refers to the amount desired at a specific market price. ]]> 2017-04-07 16:20:27 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165426403 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165426619 This is just a table of quantities demanded at all possible prices. Think of it like a class schedule, which shows different locations at different times. As the time expires at one location, the student moves to another location. Likewise, as the price changes to a new price, the quantity demanded changes to a new amount.]]> 2017-04-07 16:21:17 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165426619 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427082 These two concepts are really just one concept. Demand is the demand schedule. The term demand refers to entire demand schedule, not just one specific quantity demanded. In common usage, people are prone to say that an increase in price results in a decrease in demand, but this is not true. An increase in price results only in a decrease in quantity demanded, while the demand schedule remains intact.]]> 2017-04-07 16:23:05 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427082 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427594 The demand curve is just the graphical representation of the demand schedule, so this means that the term demand refers both to the demand schedule and the demand curve. The "demand" is the demand schedule, which is also the demand curve.]]> 2017-04-07 16:24:56 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427594 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427978 Because "demand" equals the demand schedule, which equals the demand curve, if the demand schedule and demand curve do not change, then demand has not changed. For the demand schedule to change, all of the quantities demanded must change. If all of the quantities demanded in the demand schedule change, then the demand curve has changed (it has shifted to a new position).]]> 2017-04-07 16:26:36 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165427978 perrythomasbarrett https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165428395 Read each of the posters and then answer this question:
Does an increase in the price of butter decrease the demand for butter? If so, what happens to the demand schedule and demand curve for butter? If not, what happens to the demand schedule and demand curve for butter?]]> 2017-04-07 16:28:34 UTC https://padlet.com/perrythomasbarrett/8b3chfqrq86u/wish/165428395