Demand pt 2

What is required for demand?

The Law of Demand says there's a Direct relationship between price and quantity demanded.

If you eat the same thing for lunch every day, you'll probably get sick of it.

Which is NOT one of the 5 shifters of Demand?

Coke and Pepsi

bread and peanut butter

It is correct to say that the demand curve moves up and down.

If you make more money you will buy more of these

If you make less money you will buy more of these

Would SPAM be a normal or an inferior good?

Would generic or store brand cereal be a normal or an inferior good?

Would a yacht be a normal or an inferior good?

Would ramen noodles be a normal or an inferior good?

Identify the SHIFTER for hamburgers (a normal good) if there is a population boom.

Which way would the curve move for hamburgers (a normal good) if there is a population boom?

Identify the SHIFTER for hamburgers (a normal good) if incomes fall due to a recession.

Which way would the curve move for hamburgers (a normal good) if incomes fall due to a recession?

Identify the SHIFTER for hamburgers (a normal good) if the price of tacos, a substitute, decreases.

Which way would the curve move for hamburgers (a normal good) if the price of tacos, a substitute, decreases?

Identify the SHIFTER for hamburgers (a normal good) if there is a new health craze that encourages people NOT to eat ground beef.

Which way would the curve move for hamburgers (a normal good) if there is a new health craze that encourages people NOT to eat ground beef?

Identify the SHIFTER for hamburgers (a normal good) if hamburger restaurants announce that they will significantly increase prices NEXT month.

Which way would the curve move for hamburgers (a normal good) if hamburger restaurants announce that they will significantly increase prices NEXT month?

Which way would the curve move for hamburgers (a normal good) if the price of hamburgers increases to $5?

Identify the SHIFTER for hamburgers (a normal good) if the price of fries, a complement, increases.

Which way would the curve move for hamburgers (a normal good) if the price of fries, a complement, increases?

Which way would the curve move for hamburgers (a normal good) if restaurants lowered their prices to $0.50?