Question 1

(a) Alison, Anton and Amy are the only three consumers in the market for bottled pop. Their demand schedules are shown below....

Price(P)....................................Alison's........................................Anton's..........................................Amy's

(P) in $/case Quantity demanded Quantity demanded Quantity demanded (per month)

$5.................................................0....................................................0..................................................1

4.50..............................................2....................................................1..................................................1

4.00..............................................3....................................................2..................................................2

3.50..............................................5.....................................................3.................................................6

(b) What is the difference between a change in quantity demanded and a change in demand? Please explain...(4 marks)

(c) During the period 2012 - 2017, golf course owners began to increase the price of their green fees (the price charged for a round of golf). Economists noticed that the number of people using the golf courses continued to increase.

Question: Does this observation go against the Law of Demand? Explain your answer...(4 marks)