Episode 12: Change in Demand vs Change in Quantity Demanded

[TheGreenieGuru]

Not necessarily true. I think there are some cases where a products price can change its demand.... For example, if a supermarket decides to increase the price of panadol (a painkiller) there could be a decreasing demand for panadol and an increasing demand for an alternative cheaper product that offers the same benefit such as nurofen. Any thoughts? :)

[Jessiebaur]

@TheGreenieGuru hey，here is exactly explained ur thought, your case is involved in substitute goods,if a decreasing demand for panadol, it will shift to the left,in contrast,an increasing demand for and alternative cheaper product which demand curve will shift to the right.xxxxxx

[TheNzigou]

How can anybody dislike these videos???

[manhoola]

Thankx that really helped

[nickymills73]

This is a simple concept that I had failed to grasp after several weeks of study. Thank you for making it clear!

[juuunice]

@mjmfoodie hi, thanks for the wonderful videos :) I have a question though- isn't the demand curve supposed to have the x-axis labelled as 'Quantity' and not 'Quantity Demanded'? I've googled this and a lot of variations come out. I'd greatly appreciate it if this could be explained.

[mjmfoodie]

@juuunice When I introduce demand, I label the graph "Quantity demanded" to emphasize that relationship from the buyer's perspective; similarly, for supply, I label it "Quantity supplied" to emphasize the price-quantity supplied relationship. But when I put the two together in the complete market diagram, I drop any subscripts, and just use "Q," because whether it's the # of apples someone wants to buy, or the # of apples someone wants to sell, it's still just some number of apples, right?

[juuunice]

@mjmfoodie oh... got it. thanks a lot!

[kukumatz100]

thanks!

[mitchwhite]

Isn't the mortgage a complement to buying a house?

[potipiroon]

@mitchwhite higher interest in mortage will of course lower your willingness to buy and vice versa

[KATOMATE01]

@mitchwhite your dumb

[mjmfoodie]

The triangle is the Greek letter delta, the mathematician's shorthand for "change in." So the part you have in parentheses is exactly correct.

[abcdgeenidee]

Is the formula at 0.54 right, as it says an increase in price, will increase the quantity demanded? (or does that triangle mean a change in price, regardless an increase or decrease?)

[linkieable]

it's rilli useful

[mhVEVO]

i love you

[fuchantho]

thanks you

[r0cksztar]

beauty!

[guideme79]

Thank you!!!!!! You just save the day!!!! :)

[Cyapro]

This video is perfect...good job

[prognik]

I wished my seminar tutor were as clear as u are!

Thx a lot from Warwick Uni UK!

[wacastervids]

Absolutely awesome videos!!!!

[dadisgreat1]

Nice; I'll show these to my students.