Lesson: Law of Demand 1/32

Open Ended Question

Lesson: Law of Demand 2/32

How does price affect supply?

Lesson: Law of Demand 3/32

Lesson: Law of Demand 4/32

Lesson: Law of Demand 5/32

Lesson: Law of Demand 6/32

Lesson: Law of Demand 7/32

Lesson: Law of Demand 8/32

Open Ended Question

Lesson: Law of Demand 9/32

Explain the law of demand.

Lesson: Law of Demand 10/32

Lesson: Law of Demand 11/32

Open Ended Question

Lesson: Law of Demand 12/32

Provide an example of the substitution effect.

Lesson: Law of Demand 13/32

Lesson: Law of Demand 14/32

Open Ended Question

Lesson: Law of Demand 15/32

How does the income effect lead to the law of demand?

Lesson: Law of Demand 16/32

Lesson: Law of Demand 17/32

Open Ended Question

Lesson: Law of Demand 18/32

Explain the law of demand.

Lesson: Law of Demand 19/32

Lesson: Law of Demand 20/32

Lesson: Law of Demand 21/32

Open Ended Question

Lesson: Law of Demand 22/32

Define elasticity.

Lesson: Law of Demand 23/32

Lesson: Law of Demand 24/32

Lesson: Law of Demand 25/32

Lesson: Law of Demand 26/32

Lesson: Law of Demand 27/32

Lesson: Law of Demand 28/32

Lesson: Law of Demand 29/32

Lesson: Law of Demand 30/32

Open Ended Question

Lesson: Law of Demand 31/32

Provide one example of a good with inelastic demandand explain why demand for that good is inelastic. Provide one example of a good with elastic demand andexplain why demand for that good is elastic.

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Lesson: Law of Demand 32/32