Class 28: Market Demand

Today, Mr Rizzo shows us lots of graph on demand and aggregate demands. With all those graph, he introduces us the concepts of quantity demand and demand, and how different factors affect both concepts. Quantity demand is affected by the prices of the good itself while demand is affected by "all other stuffs", such as income of the buyers, the prices of other things, the expectations to the good, the tastes and so on. In the end he touches a part on elasticity, which is the concept in explaining "how much more" is the change.