1.4 Demand
Change in
movement along the demand curve (caused by price change)
Law of Demand
Inverse relationship between price and quantity demanded
Non-price determinants · PRICE
Scenarios · PRICE
Tourism increases the number of buyers in the market for hotel rooms.
1 · Identify the determinant.
Demand schedule
| Combination | Price ($) | Quantity demanded |
|---|---|---|
| A | $50 | 0 |
| B | $40 | 10 |
| C | $30 | 20 |
| D | $20 | 30 |
| E | $10 | 40 |
| F | $0 | 50 |
Demand curve
Δ Price
–
ΔQ
–