Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q  (demand) P = 20 + Q     (supply) a) Calculate the equilibrium quantity

When an economist says that the demand for a product has increased, this means that:         consumers are now willing to purchase more of this product at each possible price.        the product has become particularly scarce for some reason.        product price has fallen and as a consequence consumers are buying a larger quantity of the product.        the demand curve has shifted to the left.

What is the "quantity demanded"? A) the maximum amount of a good that can be consumed during a specific time period B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people desire D) the amount of a good people are able and willing to buy at all possible prices

IGCSE ECONOMICS As a person buys more of a good, the total utility they get from it rises. But it does not rise by the same amount each time. In fact, it rises by a smaller amount with each good consumed. The extra utility gained from consuming one more unit is called marginal utility. Question A demand schedule for the consumption of orange light bulbs is shown below: Price of orange light bulbs Market demand per month 50p 100 000 40p 150 000 200 000 30p 20p 260 000 10p 330 000 5p 400 000 1) Plot the demand curve on a piece of graph paper, labelling it correctly. Label the page demand curve 2 2) Use the graph to work out how many orange light bulbs would be demanded at a price of: Price Number of bulbs demanded 45p 50 35p 50 15p 3) Explain the difference between individual demand and market demand.