Problem
A. What does the Law of Demand state?
B. Explain the difference between a demand schedule and a demand curve. Would there be a reason to use one rather than the other?
C. Explain the concept of marginal utility. Why is diminishing marginal utility important to the demand curve?
D. Define a change in quantity demanded, and describe what causes it.
E. What is the difference between elastic demand and inelastic demand?
You are encouraged to include current events or news which your think will help everyone understand the topic.