` Simple Pricing
One price for one product.
This brings us to the principle of demand.
Demand – is the amount of a good a consumer is willing and able to buy given the
corresponding prices in a given place and time.
Law of demand – “Price varies inversely with quantity demanded all other things
constant”
Price Quantity
demanded
1 8
2 6
3 4
4 2
5 0
Factors that affect demand:
1. Price
2. Income
3. Consumer tastes and preferences
4. Marketing practices
5. Price of related products
6. etc.
One price for one product.
This brings us to the principle of demand.
Demand – is the amount of a good a consumer is willing and able to buy given the
corresponding prices in a given place and time.
Law of demand – “Price varies inversely with quantity demanded all other things
constant”
Price Quantity
demanded
1 8
2 6
3 4
4 2
5 0
Factors that affect demand:
1. Price
2. Income
3. Consumer tastes and preferences
4. Marketing practices
5. Price of related products
6. etc.
