Demand Nikolay Krylovskiy2020-01-29T14:47:48-05:00
- Carefully explain why a typical demand curve slopes downwards.
- Distinguish between normal and inferior goods.
- What are the main underlying determinants of demand for the following:
Holidays in Scotland
A daily newspaper
Using an example of your own, distinguish between shifts of demand and movements along a demand curve.
The following is a demand schedule for cheeseburgers for an individual.
Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis.
|PRICE OF CHEESEBURGERS||QUANTITY DEMANDED|
- Plot the demand curve for cheeseburgers, with price on the Y-axis, and quantity demanded per week on the X-axis.
- Assume the individual has a fixed budget of £24 per week to spend on burgers, and the current price of cheeseburgers and chicken burgers is £3.00, and that a consumer buys 4 of each type of burger. Now assume that the price of cheeseburgers falls to £2. Using the concept of the ‘income’ and ‘substitution’ effect, explain why the demand for cheeseburgers rises to 6.
- Assuming chicken and cheeseburgers are perfect substitutes, and income is fixed at £24, what is likely to happen to the demand for chicken burgers (to the nearest burger) if the price of cheeseburgers rises to £4.00?
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