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Before we demonstrate the law of demand, we need to make some ceteris paribus assumptions of the model to arrive at the table you see
Before we demonstrate the law of demand, we need to make some ceteris paribus assumptions of the model to arrive at the table you see below. Some ceteris paribus assumptions are that it is a Coca Cola. If you personally are not willing and able to drink Coke think of a beverage (water, sports drink, soft drink, coffee,) and how many would you buy at each respective price? Assume a 7-day time period (1 week, but if it was 2 weeks the numbers may be different), the size is a 20 ounce, a typical summer week with temperatures in the 90's (the numbers may be different if the winter season), your current economic condition (you have not won the lottery), and the location is in the Plano area. Again, I am assuming the drink of choice is Coke. Suppose that the following is a consumer's Demand table or Demand schedule . Notice that the first column is the price and the second column is the quantity demanded. In words when the price of a Coke is $4 what is the quantity demanded? ... When the price of a coke is $2 , what is the quantity demanded ?When the price of a coke is free, what is the quantity demanded
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