ECN 104 Lecture Notes - Lecture 6: Demand Curve, Normal Good, Inferior Good
31 Mar 2016
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Document Summary
Demand schedule: shows how much of a good or service consumers will want to buy at different prices. Demand curve: the graphical representation of the demand schedule, it shows how much consumers want to buy at any given price. Shift of the demand curve: is a change in the quantity demanded at any given price, represented by the change of the original demand curve to a new position, denoted by a new demand curve. Moment along the demand curve: is a change in the quantity demanded of a good that is the result of a change in that good price. A shift and a movment are not the same thing. Increase in demand: a rightward shift of the demand curve, at nay given price, consumer demand a larger quantity than before, there is an increase in demand. Price in y axis, and quantity in the x axis.
