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prices depend on total quantities as follows:
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where the slope of this line is -b.
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Now, for those of you who took Economics 115 or equivalent,
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what is the name of this line I've just drawn?
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That was way fewer responses than I wanted. Let's try again;
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what's the name of this downward sloping line that I've just drawn?
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It's a demand curve. Thank you; it's a demand curve. That was the demand.
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It tells me the other way around
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to look at how prices correspond to quantities,
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it tells me the quantity demanded at any given price.
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We'll come back to that in a second.
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Meanwhile, let's just finish up what we're doing here and put in payoffs.