Economic Principles & Decision Making

   

Added on  2022-12-21

7 Pages971 Words25 Views
Running head: ECONOMIC PRINCIPLES AND DECISION MAKING
Economic Principles & Decision Making
Name of the Student:
Name of the University:
Author’s Note:
Course ID:
Economic Principles & Decision Making_1
ECONOMIC PRINCIPLES AND DECISION MAKING
Table of Contents
Answer to question 1:......................................................................................................................2
Answer to question 3:......................................................................................................................3
Answer to question 1A:...................................................................................................................3
Answer to question 1B:...................................................................................................................3
Answer to question 1C:...................................................................................................................4
Answer to question 1D:...................................................................................................................4
Answer to question 4:......................................................................................................................4
Answer to question 5:......................................................................................................................5
References list:.................................................................................................................................6
Economic Principles & Decision Making_2
P
o
Qo
Dd
Quantity
demanded
D1
P1
Demand
curve
ECONOMIC PRINCIPLES AND DECISION MAKING
Answer to question 1:
No, the demand curve is not equal to the quantity demanded as the demand curve
illustrates the relationship between quantity demanded and the price. That is, demand curve is the
relationship between two variables and quantity demanded is itself a variable and refers to one
particular point on the demand curve. Therefore, quantity demanded and demand curve is
different concepts. Quantity demanded refers to the amount of product that is demanded at one
particular price. Demand curve is negatively sloped that is downward sloping whereas quantity
demanded is the horizontal distance between the demand curve and vertical axis (Ehrenberg and
Smith, 2017).
Diagram depicting demand curve and quantity demanded:
(Source: created by author)
Economic Principles & Decision Making_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Study Of Principles Of Economics
|15
|2649
|48

ECO 511 : Economics for Business
|6
|773
|38

Apply Economic Principles to Work in the Financial Services Industry
|17
|4299
|249

Microeconomics and Macroeconomics: Elasticities, Aggregate Demand and GDP
|7
|1659
|291

Factors Impacting Economy: Supply & Demand, Micro and Macro Factors
|16
|3601
|39

Macroeconomic Variables and Their Effects on Aggregate Demand and Supply
|6
|700
|313