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Microeconomics I - Demand (Definition, individual & market demand, price & demand, demand curves, price elasticity of demand, revenue etc.) INCLUDES GRAPHICAL REPRESENTATIONS AND EXAMPLE QUESTIONS $7.05   Add to cart
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Microeconomics I - Demand (Definition, individual & market demand, price & demand, demand curves, price elasticity of demand, revenue etc.) INCLUDES GRAPHICAL REPRESENTATIONS AND EXAMPLE QUESTIONS

  • Course
  • Microeconomics I - Demand
  • Institution
  • Canterbury Christ Church University

These notes cover the topic of Demand, covered in Microeconomics I. The notes include the definition of demand, as well as covering the topics: - price & demand - demand curves - price elasticity of demand - revenue and demand They also include graphical representations and explanations of each top...

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Document information

  • March 13, 2018
  • 15
  • 2017/2018
  • Class notes
  • Unknown
  • Unknown

Subjects

  • economics
  • microeconomics
  • demand
  • demand and supply
  • price and demand
  • price
  • demand curve
  • graphs
  • graphical representation
  • example questions
  • accounting
  • marketing
  • business analysis
  • revenue
  • price elasticity

Written for

  • Canterbury Christ Church University
  • Economics
  • Microeconomics I - Demand
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Available practice questions

Demand Flashcards

Flashcards 13 Flashcards
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Flashcards 13 Flashcards
Free 2 sales

Some examples from this set of practice questions

1.

Define \'Demand\'

Answer: Demand is the amount that consumer(s) are willing and able to purchase of a good given a level of price

2.

What is the relationship between price and demand?

Answer: As the price (P) of a product increases, demand (QD) for that product typically falls.

3.

What is the concept of diminishing marginal utility?

Answer: Demand is assumed to fall when prices rise because it is assumed that the more we consume of something the less we enjoy the extra unit of consumption. As such, consumers are less willing to pay for each additional unit of the good.

4.

Define \'utility\' in economics

Answer: Utility describes how much happiness is derived from consumption of a good

5.

What is the \'income effect\'?

Answer: The income effect: as a good becomes cheaper, individuals become richer, as their money can be spent on more products. Therefore, they demand more.

6.

What is the \'substitution effect\'?

Answer: The substitution effect: If a price of one good falls, it will become more attractive against similar products - leading to a switch from the more expensive to the less expensive good.

7.

What is the difference between a movement along a demand curve and a shift in demand curve?

Answer: A movement along a demand curve is due to a change in prices, whereas a shift in demand curve comes from a change in other factors.

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