Difference between revisions of "Talk:Economics Lecture Three"
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This lecture fails to distinguish these two concepts. The demand curve consists of all price/quantity pairs. Thus, it is incorrect to say "A fall in price tends to increase demand, and a rise in price tends to decrease the demand." Rather, demand is changed by factors such a change in income, the change in a price of a substitute or complimentary good, etc. It is correct to say that "A fall in price tends to increase '''the quantity demanded''', and a rise in price tends to decrease the '''quantity demanded'''." [[User:GregG|GregG]] 23:08, 2 March 2013 (EST) | This lecture fails to distinguish these two concepts. The demand curve consists of all price/quantity pairs. Thus, it is incorrect to say "A fall in price tends to increase demand, and a rise in price tends to decrease the demand." Rather, demand is changed by factors such a change in income, the change in a price of a substitute or complimentary good, etc. It is correct to say that "A fall in price tends to increase '''the quantity demanded''', and a rise in price tends to decrease the '''quantity demanded'''." [[User:GregG|GregG]] 23:08, 2 March 2013 (EST) | ||
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| + | :Excellent suggestion. I have unlocked the content page.--[[User:Aschlafly|Andy Schlafly]] 00:03, 3 March 2013 (EST) | ||
Latest revision as of 05:03, March 3, 2013
Demand vs. quantity demanded
This lecture fails to distinguish these two concepts. The demand curve consists of all price/quantity pairs. Thus, it is incorrect to say "A fall in price tends to increase demand, and a rise in price tends to decrease the demand." Rather, demand is changed by factors such a change in income, the change in a price of a substitute or complimentary good, etc. It is correct to say that "A fall in price tends to increase the quantity demanded, and a rise in price tends to decrease the quantity demanded." GregG 23:08, 2 March 2013 (EST)
- Excellent suggestion. I have unlocked the content page.--Andy Schlafly 00:03, 3 March 2013 (EST)