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The Law of Demand Name Imagine that you are a high school senior with a part time job paying $20.00 per week. Your parents provide you with a cost free home and prepared lunch, but you prefer to eat out with your friends at a local restaurant. Below is your demand schedule for the restaurant's luncheon special and a blank graph. 1. Use the information from the demand schedule to make a demand curve on the graph on the right. Label the demand curve D1. Price Per Quantity P Week Demanded $5.00 0 4.00 3.00 2 2.00 3 1.00 4 2 3 0 2. Explain why the quantity of lunches demanded falls as prices of lunches increase from $1.00 to $5.00 for each luncheon special. people don't want to pay to if the yare on a low budget What is the effect called? 3. If your part time job income doubled, how would that affect your demand for luncheons? *Draw the new demand curve on the graph above and label the new curve D2. 4. Assume a pizzeria that also offers a luncheon special opens near the restaurant. How would this event affect your demand for luncheons at the restaurant? *Draw the new demand curve on the above graph and label the new curve D3. 5. Name the effect that caused the demand curve to change in Question 4 and explain how the effect works