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Write an essay explaining how to derive the market demand curve for a particular product. Prepare an outline for your essay that answers the following questions: What is a demand curve, and what does it tell us? What is an individual demand curve? What is a market demand curve? How do you draw an individual demand curve for a particular product? How is a market demand curve derived from individual demand curves?
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.
For this question, we will define and explain the law of demand and diminishing marginal utility using an example.
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