Question

suppose smith wants one iphone no matter what the price is between $0 and $350, jones wants one iphone no matter what the price is between $0 and $200, and griffith wants one iphone no matter what the price is between $0 and $450. in this case, each individual buyer’s demand curve will be and the market demand curve will be .

Answer 1

The answer is Each individual buyer’s demand curve will be Vertical and the market demand curve will be Downward sloping.

The demand curve could be a graphical representation of the connection between the value of an honest or service and therefore the quantity demanded for a given period of your time. in a very typical representation, the value will appear on the left vertical axis, the amount demanded on the horizontal axis.

The demand curve will move downward from the left to the correct, which expresses the law of demand—as the worth of a given commodity increases, the amount demanded decreases, all else being equal.

Note that this formulation implies that price is that the variable, and quantity the variable. In most disciplines, the experimental variable appears on the horizontal or x-axis, but economics is an exception to the current rule.

The degree to which rising price translates into falling demand is named demand elasticity or price elasticity of demand. If a 50% rise in corn prices causes the number of corn demanded to fall by 50%, the demand elasticity of corn is 1. If a 50% rise in corn prices only decreases the amount demanded by 10%, the demand elasticity is 0.2. The demand curve is shallower (closer to horizontal) for products with more elastic demand, and steeper (closer to vertical) for products with less elastic demand.

Other factors can shift the demand curve similarly, like a change in consumers' preferences.

Learn more about Demand Curve here

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