Week 3 Part 1

ECON1101 Term 2 2026 Week 3 Part 1 8:00 supply recap 15:30 demand curve for an individual 17:02 utility definition and explanation 20:03 decreasing marginal utility 23:30 applying cost benefit principle to demand 35:53 quantity demanded definition 37:02 demand curve definition 37:47 constructing an individual's demand curve 44:29 law of demand and why it holds 51:06 substitution effect 54:20 income effect 55:05 normal and inferior goods 1:00:22 purchasing power and the income effect 1:02:55 combining the income and substitution effects 1:09:28 discrete to continuous demand curves 1:10:23 horizontal and vertical interpretations of demand curve 1:12:06 moving along and shifting the demand curve