You have been involved with a school committee trying to raise money through bake sales. At the last bake sale, you sold only half your goods. What could you suggest to your committee that might ensure more quantities are sold? Work with a partner to make a plan for the next bake sale. Make sure you refer to the Law of Demand and the principle of diminishing marginal utility as you prepare your suggestions.

Black Friday, the day after Thanksgiving, is the busiest shopping day of the year in the United States. Using the concept of the Law of Demand, explain why you think this is the case.

Explain how quantity and price appear on a graph in economics, and use that information to explain why a demand curve is downward sloping.

Which investment has the least liquidity?

a) property

b) stocks

c) a savings account

d) a 401k

Demand includes the desire, ability, and willingness to buy a product. Explain in a paragraph why each one of these factors must be present to create demand .

Why do you think the demand for luxuries was inelastic for the very poor during Marshall's time?

According to Marshall, which products had "very elastic" demand among working-class consumers? Which products had inelastic demand among the same group?

If you applied the three questions to a luxury product, what would be the elasticity of demand for that product ?

If you applied the three questions to a luxury product, elasticity of demand for that product?

How is the text in this section organized to explain the central idea that different factors determine demand elasticity?

The last paragraph in this section uses the phrase "we have to use our judgment." What does the author mean by this phrase?

How are the three cases of demand elasticity measured?

How do we measure the three cases of demand elasticity ?

A baker knows that her customers will pay 5 dollars for a loaf of bread, but the marginal utility they get decreases after the first loaf. How might the baker get her customers to buy more than one loaf?