1. Demand how much of a product consumers are both willing and able to buy at a given price, at a given point in time.

6. Example: demand schedule for milk

7. The demand curve for milk

9. From individual demand to market demand

12. An increase in the market demand for milk

17. An increase in the market demand for milk

20. The supply schedule for milk

21. The supply curve for milk

25. An increase in the supply of milk

28. Equilibrium in the dairy milk market

29. Equilibrium in the dairy milk market

31. Effects of an increase in demand

33. Effects of an increase in supply

35. Indeterminate effect of an increase in both supply and demand (shift in demand dominates)

36. Indeterminate effect of an increase in both supply and demand (shift in supply dominates)

37. Changes in supply & demand