Law of Demand
What does the Law of Demand state?
As prices go up, quantity demanded goes down; as prices go down, quantity demanded goes up.
What causes a shift in demand instead of a movement along the curve?
A change in something other than the product’s own price (like income, tastes, or expectations).
What does elasticity of demand measure?
How sensitive or responsive quantity demanded is to a change in price.
What sport does Mr. Duff coach?
Track and Field
What is the difference between a demand schedule and a demand curve?
A demand schedule is a table of price vs. quantity; a demand curve is its graph form.
If consumer income increases, what happens to the demand for normal goods and inferior goods?
Demand for normal goods increases (shifts right), while demand for inferior goods decreases (shifts left).
If the price of a product changes a lot but the quantity demanded changes very little, what type of demand does it have?
Inelastic demand — consumers don’t change how much they buy even when price changes.
What video game franchise does Mr. Duff love more than anything in the world?
Pokemon
How does consumer behavior change when the price of a product rises but their income stays the same?
People feel as if their purchasing power decreases (income effect), so they buy fewer of that good or choose cheaper alternatives.
A new study shows that energy drinks have negative health effects. What happens to the demand for energy drinks, and why?
Demand decreases (shifts left) because consumer tastes and preferences changed negatively.
Name 1 Product that is Elastic and
Name 1 Product that is Inelastic
Answers will vary.
Elastic: Fruit, Movie Tickets, Video Games
Inelastic: Gas, Insulin, Toothpaste
What is Mr. Duff's Favorite Snack? Hint: I do not share these at all, no matter what
Oreo's!
If Disney+ raises its price and users cancel subscriptions, what concept from this lesson explains that reaction?
The Law of Demand — higher prices lead to lower quantity demanded.
The price of movie tickets rises. What happens to the demand for popcorn, and why?
Demand for popcorn decreases (shifts left) because movie tickets and popcorn are complementary goods — when one becomes more expensive, the other’s demand falls
If a store raises prices and its total revenue increases, what does that tell you about the demand for its product?
The product is inelastic — people keep buying even at higher prices, so total revenue goes up.
Mr. Duff wears what on Fridays?
My Hat!
Draw a demand curve that shows the relationship between price and quantity demanded.
Label the Y-axis as Price and the X-axis as Quantity Demanded.
Then, show on the same graph how a decrease in price causes movement along the curve (not a shift).
A downward-sloping line; an arrow moving down and right along the same curve shows increased quantity demanded as price decreases.
Draw two demand curves on the same graph. Label them D1 and D2.
Show and explain (Demand increase/decrease?) what happens to demand when consumer income rises.
Then, explain (Demand increase/decrease?) what happens when the product becomes less popular.
Income rise → demand shifts right (D1 → D2).
Popularity drop → demand shifts left (D2 → D1).
The graph should have two distinct, parallel demand curves showing both shifts.
Governments sometimes increase taxes on gasoline or electricity.
Why might they choose inelastic goods for taxation, and what does that reveal about consumer behavior?
Because inelastic goods maintain sales even when prices rise—people can’t easily stop paying them—so the government collects more consistent revenue.
What are Mr. Duff's Personal Best in these 3 lifts?
Squat
Bench press
Deadlift
Squat: 365lbs
Bench: 235lbs
Deadlift: 405lbs