VWO 3 4.1 deel 2

• Economie
• Middelbare school
• vwo
• Leerjaar 3

What is demand?

Student Aims:

- At the end of the class I can draw a demand curve and form a demand formula.

- At the end of the class I can explain which factors influence the demand.

- At the end of the class I can calculate price elasticity and am I able to interpret price elasticity. 

Is the weekly local market a concrete or abstract market?

1. Concrete market
2. Abstract market

The demand equation for cars is:
Qv = -5P + 100.000
How many cars are sold at the price of €15.000

1. 25.000
2. 15.000
3. 10.000
4. 17.000

The demand equation for cars is:
Qv = -5P + 100.000
What is the salesprice when the demand is 5.000 cars

1. €10.000
2. €20.000
3. €19.000
4. €15.000

Qv = –0.2p + 75

The cause is on the y axis (changing price)

 

The result is on the x axis (demanded quantity)

Qv = –0.2p + 75 

Ilse has more income

Daan gets fired

The price of books increases

The new levies jeans becomes more populair

Conclusion:

Shift of the whole demand curve:

Other factors than price influence the demand for a product.

Movement along the demand curve

The demand for a product changes when the price changes

Cars and fuel are an example of:

1. Subsitution goods
2. Complementary goods

Price elasticity

We measure the effect or response to demand when price rises with price elasticity of demand.

The price increases from €1.00 to €1.20

What is the reaction in the demand?

price elasticity

Example:

The price of jeans goes from €20 to €25

The demand goes from 15 to 10

What is the price elasticity? 

homework

Questions 8 - 10 - 15 - 16