Reference no: EM133083441
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.
(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.
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