Change in demand vs change in quantity demanded.pptx

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The ppt explains the differences between changes in demand and changes in quantity demanded with the help of demand curve graphs and real-life examples with simple numerical data.

1. Change in Demand vs Change in Quantity Demanded Price ($) 3 5 6 9 Quantity Price ( $ ) Quantity 5 3 6 9 11 14 Example

2. The Law of Demand There is a negative, or inverse, relationship between price and the quantity of a good demanded. Price per unit Quantity demanded Change in Demand vs Change in Quantity Demanded A change in demand is not the same as a change in quantity demanded . In this example, a higher price causes lower quantity demanded . Changes in determinants of demand, other than price, cause a change in demand , or a shift of the entire demand curve, from D A to D B .

3. Price ($) 3 5 6 9 Quantity Price ( $ ) Quantity 5 3 6 9 11 14 When demand shifts to the right, demand increases. This causes quantity demanded to be greater than it was prior to the shift, for each and every price level. Change in price of a good or service leads to Change in quantity demanded. ( Movement along the curve ) Change in income, preferences, or prices of other goods or services leads to Change in demand. ( Shift of curve )

4. NORMAL GOODS Are goods for which demand goes up when income is higher and for which demand goes down when income is lower. Food Clothing Entertainment Home Appliances Higher income increases the demand for a normal good.     Income is 100 $ Income is 200 $ 5 $ 3 $ 6 9 11 14

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