Answer the following questions (need to be listed in your table of contents as Demand questions)
1. Define and give an example of
income effect.
2. What are the characteristics of a demand curve?
3. Explain why the law of demand can apply only to a free market economy.
4. What is the difference between a market demand schedule and an individual demand schedule?
5. Create your own demand schedule for a good (such as a snack item) and create a series of price levels (6). Go to a classmate and ask how much of the good they would buy at each price. Based on the data collected, create an individual demand schedule.
2. What are the characteristics of a demand curve?
3. Explain why the law of demand can apply only to a free market economy.
4. What is the difference between a market demand schedule and an individual demand schedule?
5. Create your own demand schedule for a good (such as a snack item) and create a series of price levels (6). Go to a classmate and ask how much of the good they would buy at each price. Based on the data collected, create an individual demand schedule.
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