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Law of Demand

Law of Demand. What is to be produced?. Law of Demand. Demand = “Willingness & Ability” 5 P 6 Qd Conversely, 6 P 5 Qd; We therefore state that r P = r Qd “ceteris paribus” – all things remaining constant. In other words, with no other factors to consider. Law of Demand.

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Law of Demand

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  1. Law of Demand What is to be produced?

  2. Law of Demand Demand = “Willingness & Ability” 5P 6Qd Conversely, 6 P 5Qd; We therefore state that rP = rQd “ceteris paribus” – all things remaining constant. In other words, with no other factors to consider.

  3. Law of Demand Demand Schedule

  4. Law of DemandDemand Chart

  5. Law of Demand

  6. Law of Demand • Other factors that result in rQd: • Normal goods vs Inferior Goods • Changes in (i) income or personal preferences

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