O'Reilly logo

The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

What’s the Use? Demand and Utility

The entire demand curve for a product—let’s stick with beef—is actually the sum of all consumers’ demand for the product. If you could determine every single consumer’s demand for beef—that is, the quantity that each would buy at various prices—and add up the quantities at each price, you would have the total demand for beef.
In other words, you would add them up horizontally. As Figure 6.1 shows, total demand is the sum of what individual consumers demand (say, per week) at various prices. Here, at $2 per pound, these two fictitious consumers, Jim and Diane, demand a total of 3 pounds of beef. Jim wants 2 pounds, and Diane wants 1 pound.
Obviously there are more than two people in the market for beef. But ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required