Skip to main content
1: Market Demand
- Last updated
Save as PDF
- Distinguish between different states of demand and explain contexts wherein each state may be relevant.
- Describe the demand relationship and explain the law of demand.
- Identify and describe variables that shift demand. You should be able to say something about the direction of the demand shift.
- Explain the difference between substitutes and complements. Provide examples of each.
- Explain the difference between normal and inferior goods.
- Graph the inverse demand schedule given a demand equation and values of shift variables.
- Describe the concept of consumer surplus. Compute consumer surplus.
- 1.2: Demand States
- 1.3: The Demand Schedule
- 1.4: Consumer Surplus
- 1.5: Concluding Comments
- 1.6: References
- 1.7: Problem Sets