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Supply and Demand Theory (Part 1)
Supply and Demand Theory (Part 1)
THEORY (PART 1)
DEMAND
WHAT IS DEMAND?
Demand: The willingness and ability of
buyers to purchase different quantities of a
good at different prices during a specific time
period.
2. In symbols
3. In a demand schedule.
4. As a demand curve.
(a)
(b)
TWO PRICES: ABSOLUTE AND
RELATIVE
(a)
(b)
LETS DO TRY THE FIRST TWO LINES
TO FIND AND DRAW MARKET
DEMAND