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Changes in demand/supply versus changes in “quantity demanded”/ “quantity supplied”

Changes in demand/supply versus changes in “quantity demanded”/ “quantity supplied”. Know the difference!. Changes in “quantity demanded”. Chocolate bars. A change in price always causes a change in “quantity demanded.”. 5. 4. Price. 3. 2. 1. D (Demand). 2. 4. 6. 8. 10. Quantity.

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Changes in demand/supply versus changes in “quantity demanded”/ “quantity supplied”

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  1. Changes in demand/supply versus changes in “quantity demanded”/“quantity supplied” Know the difference!

  2. Changes in “quantity demanded” Chocolate bars A change in price always causes a change in “quantity demanded.” 5 4 Price 3 2 1 D (Demand) 2 4 6 8 10 Quantity

  3. Changes in demand

  4. Changes in demand Chocolate bars A change one of the non-price determinants always causes a change in demand. 5 4 Price 3 2 D1 (Demand) 1 D (Demand) 2 4 6 8 10

  5. Know the lingo! When you write, “change in quantity demanded,” make sure you are referring to the result of a price change. When you write, “change (or shift) in demand,” make sure you are referring to the result of a change in a non-price determinant!

  6. Supply works the same way! When you write, “change in quantity supplied,” make sure you are referring to the result of a price change. When you write, “change (or shift) in supply,” make sure you are referring to the result of a change in a non-price determinant!

  7. End.

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