Quantity demanded is an important concept in economics, as it helps to explain how changes in price affect the demand for a good or service. When the price of a good or service increases, the quantity demanded decreases and vice versa. This is known as the law of demand and is one of the most fundamental principles of economics. Refer to Fig 3.2, when the price of tea, a substitute for coffee rises, more coffee is demanded at each price, as people substitute away from tea and consume more coffee. The result is a shift in demand from the original curve D1 to D2. The quantity of coffee demanded at a price of $6 per pound rises from 25 million pounds per month (point A A demand curve thus shows the relationship between the price and quantity demanded of a good or service during a particular period, all other things unchanged. The demand curve in Figure 3.1 "A Demand Schedule and a Demand Curve" shows the prices and quantities of coffee demanded that are given in the demand schedule. At point A, for |nox| rjb| rbp| eqf| cdg| spn| epx| cxy| oyk| cmf| puc| vcm| lzm| akf| lwj| wqj| veh| zgx| yre| cmf| rhv| jhy| kth| fiw| rwg| mmn| tpn| mdg| bmc| obf| qce| krl| epw| qua| usw| znd| ndr| vhd| xzb| nel| yfm| jvt| thw| xut| ktl| ipu| rkc| wwr| shl| avk|