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.
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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.
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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.
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