Question

Macmillan Learning Demand twisters: For the following statement, move the endpoints of the demand curve to create the demand relationship that is described. a. "I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I'll buy out the entire stock of the supermarket." b. Which of these statements best explains the consumer's demand curve? The consumer Price ($) Market for Coffee 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 10 

          Macmillan Learning
Demand twisters: For the following statement, move the
endpoints of the demand curve to create the demand
relationship that is described.
a. "I generally buy a bit more coffee as the price falls. But
once the price falls to $2 per pound, I'll buy out the entire
stock of the supermarket."
b. Which of these statements best explains the consumer's
demand curve?
The consumer
Price ($)
Market for Coffee
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10
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10
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Macmillan Learning Demand twisters: For the following statement, move the endpoints of the demand curve to create the demand relationship that is described. a. "I generally buy a bit more coffee as the price falls. But once the price falls to 2 per pound, I'll buy out the entire stock of the supermarket." b. Which of these statements best explains the consumer's demand curve? The consumer Price () Market for Coffee 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 10

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Demand twisters: For the following statement, move the endpoints of the demand curve to create the demand relationship that is described. a. "I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I'll buy out the entire stock of the supermarket." b. Which of these statements best explains the consumer's demand curve? The consumer Demand twisters: For the following statement, move the endpoints of the demand curve to create the demand relationship that is described Market for Coffee a. I generally buy a bit more coffee as the price falls. But once the price falls to $2 per pound, I'll buy out the entire stock of the supermarket. Price($) 10 b. Which of these statements best explains the consumer's demand curve? 5 3 2 The consumer 10
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Transcript

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00:01 So let's go over these demand twisters.
00:06 So this person says that they would never buy a miley cyrus cd.
00:12 So basically at any price the quantity demanded is always going to be zero.
00:19 So the only way we could show this is there would just be a straight line right where the quantity is zero.
00:26 So quantity demanded is equal to zero at each price.
00:31 I generally buy a bit more coffee as the price falls.
00:42 So we buy a bit more coffee as it falls.
00:48 So this implies that this is going to be relatively inelastic.
00:59 So it's going to look steeper.
01:06 So you see that if the price falls the quantity increases by a little bit.
01:11 Then if the price falls to two dollars per pound i'll buy out the entire stock of the supermarket.
01:17 So once it falls to two dollars per pound they're going to buy out the entire stock.
01:25 So basically we're just going to see a really sharp change in the demand curve.
01:36 So the quantity that the person is going to purchase when it reaches two dollars or below is going to increase rapidly as the price decreases...
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