Question: Directions: Examine the graph below. Then, answer the questions that follow. Demand Schedule for Books Price per Book (USD) 17 16 15 14 13

Directions: Examine the graph below. Then, answer the questions that follow. Demand Schedule for Books Price per Book (USD) 17 16 15 14 13 12 11 10 9 8 Quantity Demanded (in millions) 100 200 Answer: Price 18 16 14 12 200 10 300 400 500 600 700 800 900 1000 1. What is the demand curve and who does it represent? 8 642 O 0 200 400 600 800 Quantity Demanded 1000 1200 2. What is the difference between demand (the demand curve) and quantity demanded? Answer: 3. Why is the demand curve for books downward sloping? Answer: 4. If the price of a book changes from $10 to $9, how much does quantity demanded increase? Answer: 5. If the price of a book changes from $14 to $16, how much does quantity demanded decrease? Answer: 6. Explain your answer to #5 using the Law of Demand in your response. Answer:

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