MANAGERIAL ECONOMICS
ECON 5133, Lesson Three
Fudamentals of Demand
Teach a parrot to say “demand” and
“supply” and you have an economist ---
Philosopher Thomas Carlyle
,Demand, Supply, Market Price and
It’s a kind of cauliflower;
Cauliflower is a type of cabbage;
Cabbage is a type of mustard.
Click the green loudspeaker to
start an audio explanation.
, I. MARKET DEMAND
A. The Law of Demand
“the relationship between an
item’s own price and the quantity
demanded of it is inverse, other
things equal”
B. Three ways of illustrating it
1. as a schedule (table)
2. graphically
3. as a mathematical function
Click the green loudspeaker to start an audio explanation.
ECON 5133, Lesson Three
Fudamentals of Demand
Teach a parrot to say “demand” and
“supply” and you have an economist ---
Philosopher Thomas Carlyle
,Demand, Supply, Market Price and
It’s a kind of cauliflower;
Cauliflower is a type of cabbage;
Cabbage is a type of mustard.
Click the green loudspeaker to
start an audio explanation.
, I. MARKET DEMAND
A. The Law of Demand
“the relationship between an
item’s own price and the quantity
demanded of it is inverse, other
things equal”
B. Three ways of illustrating it
1. as a schedule (table)
2. graphically
3. as a mathematical function
Click the green loudspeaker to start an audio explanation.
