Slide 1 Chapter 4: DEMAND & Supply Slide 2 Demand First! What do we mean by (Consumer) Demand? Demand Curve ◦Graph depicting the relationship between the price of a…
Econ 201 Lecture 1.5 Consumer Demand Theory 1-9-2009 Overview Basic behavioral assumptions Marginal Value or Marginal Willingness-to- Pay First Law of Demand Total WTP, Total…