Episode 12: Change in Demand vs Change in Quantity Demanded
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@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
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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? :)
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How can anybody dislike these videos???
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@mitchwhite your dumb
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Thankx that really helped
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@mitchwhite higher interest in mortage will of course lower your willingness to buy and vice versa
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This is a simple concept that I had failed to grasp after several weeks of study. Thank you for making it clear!
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@mjmfoodie oh... got it. thanks a lot!
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@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.
juuunice 7 months ago
@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?
mjmfoodie 7 months ago
The triangle is the Greek letter delta, the mathematician's shorthand for "change in." So the part you have in parentheses is exactly correct.
mjmfoodie 1 year ago