Explain in words and show the difference on a graph with a demand curve for milk.

Video Transcript

Hello. So I'm going to answer a question about the difference between quantity and entered and demand for doing so I'm going to the demand proof. So this is a supply and demand graph. We're in the vertical axis. You will have the prices and in the recent times you actually will have the constitution in this case I'm going to use milk because that's what your exercise required. So as you can see the demand that is the second concept that you want to refine reveals what is the willingness to pay off the individuals footage race. So as you can see it have a negative relationship which means that a higher price there will be less quantity demanded for its good. And that's the first concept. So the demand, it reflects the behavior of all individuals aggregated and the quantity um is a specific point. So for example in this point at this price let's call it P zero. There will be a quantity of money that is called a zero. And if you want to understand the whole demand the whole demand derogation of all of these combinations between prices and quantities that show you that there is a negative relationship. Normally that this says that a higher pressure will be list. I want to see them under for each individual. So this is a quick reminder remember that the quantity them and that is just on a specific point and the amount is the complete combination of prices and quantities that you will find in this curve. So that was all I hope definition was clear and thank you very much for your time.

Inhaltsverzeichnis Show

Video Transcript
Related Question
Video Transcript
What is the difference between the demand and the quantity demanded of milk?
How does the demand curve for milk shift if the demand for milk increases?
What will shift the demand curve for milk?
What is the difference between the supply and the quantity supplied of a product say milk?

Question:

Video Answer:

Get the answer to your homework problem.

Try Numerade free for 7 days

We don’t have your requested question, but here is a suggested video that might help.

What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.

Discussion

You must be signed in to discuss.

Video Transcript

Question number 20 is about the difference between the demand for a product and the quantity of it. Say something like "milk". The demand curve of milk can be seen on a graph. It's asking us about the difference between demand and supply. It can be difficult to think about the dependent quantity demanded. The answer is that demand is a function and quantity is needed. The result of that function given an input is quantity demanded. That might be the case, if you hear my beer demand is equal to X. The quantity demanded might be 30 if X equals 30. Are you able to see? You can see what the differences are. Let's take a look at it. Here's the maker. This is the amount. The price is shown here. The whole curve is demand. Whatever demand, whatever quantity, is going to be the point of this curve. But here, here, here. For example, whatever point along that curve is given to an ex. There is a supply Yes, this is our demand. This is milk, the question is not for milk. This is your demand curve, right? I'm drawing something to highlight that. The downward sloping thing is the demand curve. This is your demand curve and then this is your supply curve. You're demanded quantity. That's what's different. This is something that needs to happen. This whole line is demand because of one point.

Fundamentals of Engineering Economic Analysis

1st EditionDavid Besanko, Mark Shanley, Scott Schaefer

215 solutions

Principles of Economics

7th EditionN. Gregory Mankiw

1,394 solutions

Statistical Techniques in Business and Economics

15th EditionDouglas A. Lind, Samuel A. Wathen, William G. Marchal

1,236 solutions

Century 21 Accounting: General Journal

11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman

1,012 solutions

What is the difference between the demand and the quantity demanded of milk?

The demand for milk is the connection between the various prices of milk and the quantity demanded at those prices. Quantity demanded guides to exclusively a certain point on a demand curve or one quantity on a demand program. Quantity demanded of a product, milk directs to a specific point on the demand curve of milk.

How does the demand curve for milk shift if the demand for milk increases?

An increase in the demand for milk products will manifest through movements along the demand curve. However, as the demand for milk increases, most farmers will fail to supply enough milk to the market, followed by the shortage of milk products.

What will shift the demand curve for milk?

An increase in the price of milk would cause movement up the demand curve for milk.

What is the difference between the supply and the quantity supplied of a product say milk?

The supply of milk is the connection between the various prices of milk and the quantity supplied at those prices. Quantity supplied directs to exclusively a certain point on a supply curve or one quantity on a supply plan. Quantity supplied of a product, milk directs to a specific point on the supply curve of milk.