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Quick Write (34)

Explore the government's role in managing negative externalities and the impact on demand and demand curves. Analyze the substitution and income effects on consumer behavior. Understand demand schedules, individual and market demand curves through exercises using sample data.

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Quick Write (34)

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  1. Quick Write (34) • What role do you think the government should play in controlling negative externalities?

  2. Demand and Demand Curves Yes. We will graph.

  3. Law of Demand (34) • Consumers buy more of a good when its price decreases and less when its price increases.

  4. Substitution Effect (34) • When consumers react to an increase in a good’s price by consuming less of that good and more of other goods.

  5. Income Effect (34) • The change in consumption resulting from a change in real income.

  6. Demand Schedule

  7. Individual Demand Curve

  8. Market Demand Curve

  9. Demand Curve Exercise • Use the following data to plot sample data curves.

  10. Sample Demand Schedules Market demand schedule for a miniature golf course. Individual demand schedule music consumption

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