Individual Demand Curve

• The direction of the slope and why it is that way
• Explain the relationship between price and quantity demanded based on the demand schedule for widgets.
• What happens to the quantity demanded as the price of widgets decreases?
• At which price do consumers demand the highest quantity of widgets? Why?
• If the price of widgets increases to $6, what do you expect to happen to the quantity demanded, based on the law of demand? Why?
• If the price of widgets decreases from $3 to $2, how does this change in price influence consumer behavior in terms of quantity demanded? Why?
• Calculate total revenue as if the price is $3.00.

3. Individual Demand Curve a. Correctly graph the data in Michael's Demand Schedule for Widgets." Price Per Widget Quantity Demanded $5 100 $4 150 $3 200 $2 250 $1 300