individual demand curve

• the individual demand curve:

  shows how much of a good a single consumer will demand at different prices, assuming everything else (like income and preferences) stays the same.
• Price-Consumption Curve:The line that connects all the optimal choices as the price of meals changes
• What affects willingness to pay?

  • A consumer’s willingness to pay for a good is determined by their preferences and income.
  • Two consumers with the same preferences might be willing to pay different amounts for the same good if their incomes are different.
• Individual Demand Curve:

  • Focuses on the demand of one single consumer for a specific good.
  • It shows how much of a good a single consumer will buy at different prices, assuming everything else stays the same (like income and preferences).
  • For normal goods, it slopes downward because as the price rises, the consumer buys less of that good
• Normal Demand Curve:

  • Usually refers to the demand curve for all consumers in the market (aggregated demand).
  • It shows how the total quantity demanded by all consumers changes with different prices.
  • This curve also typically slopes downward, reflecting the law of demand—as prices go up, quantity demanded falls.
• Market demand is the total quantity demanded by all consumers in the market for that good. It aggregates individual demands.