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Demand Curves Demand is the quantity of a commodity that will be required at any given price over some given period of time For the majority of the goods and services experience shows that the quantity demanded will increase as the price falls Stanlake 155 This characteristic can be shown by a demand curve A demand curve is a graphical representation of the data in table with values of demand called a demand schedule A good that is in greater demand do to income increases is known as a normal good A inferior good is a good that is in less demand even though the income increases When this situation occurs the demand curve is positive sloping A giffen good is a special type of inferior good where demand increases when price increases The graph below is a sample demand curve where the demand schedule for the quantity of toilet paper demanded is graphed From this graph we can determine how many rolls of toilet paper will be purchased at what price As can be seen from looking at this graph it is negatively sloping As one variable gets larger the other will become smaller or when the price drops more is purchased The whole demand curve theory is based on human behavior It is logical to say that people will purchase more of a product when the price is cheaper In reality if the price of a good rises the income or assets of the consumer will decrease The people would not be able to buy the same goods as before because they cost more Consumers can do two things if the good is a normal good previously defined they would buy less of the good if the good is an inferior good they would buy more of the good Thus the income effect can be defined in this statement When the price of a good falls the expected outcome
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