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The Most Interesting Law Of Demand?

March 20th, 2012 · 17 Comments
Econ 101 · Just For Fun

Guess who learned how to use a meme generator and knows that demand curves slope downwards…

Actually, that one was from the Cengage Learning Facebook page, but I’m apparently one to take an idea and run with it (or beat a dead horse, depending on your perspective). We all know that there are plenty of determinants of demand other than price, so I made a few more graphics.

Income is an important determinant of demand, and we can have normal goods

…or inferior goods:

Prices of related goods are also relevant factors for demand, and we can think about substitutes

…and complements:

In fairness, tastes and expectations are also determinants of demand, but I couldn’t decide what the Most Interesting Man in the World would have to say on those topics.

I’m also trying to picture him saying ceteris paribus here, since technically he should be giving the “all else being equal” caveat…but I still can’t decide how ceteris paribus should be pronounced, so my visualization is a bit of a non-starter.

If you prefer, you can review the determinants of demand in video form:

Tags: Econ 101 · Just For Fun

17 responses so far ↓

  • 1 Justin Ross // Mar 20, 2012 at 12:22 pm

    Absolutely going into lecture slides!!

  • 2 Leigh Caldwell // Mar 20, 2012 at 12:39 pm

    This could be a good hashtag.

    #idemandbeer

    http://memegenerator.net/instance/16680592

  • 3 Dan L // Mar 20, 2012 at 1:23 pm

    Presumably, The Most Interesting Man in the World is wealthy enough that he is insensitive to the price beer.

  • 4 Dan L // Mar 20, 2012 at 1:26 pm

    Speaking of wealthy people, can we have a meme for Mitt Romney as The Least Interesting Man in the World? His tagline could be, “I don’t always drink beer… But when I do, I drink non-alcoholic.”

  • 5 Didático « Microeconomia, Econometria e muito mais // Mar 20, 2012 at 8:08 pm

    [...] isto é didático. Gostar disso:GostoSeja o primeiro a gostar disso [...]

  • 6 Browsing Catharsis – 03.21.12 « Increasing Marginal Utility // Mar 21, 2012 at 8:10 am

    [...] Teaching economics + the most interesting man in the world. [...]

  • 7 Punditus Maximus // Mar 21, 2012 at 11:49 am

    That’s ok, most economists omit “ceteris paribus” from their thinking anyways.

  • 8 Jay Wetmore // Mar 21, 2012 at 3:34 pm

    Nice!

    I would substitue “pizza” for “wings” in the last one. Maybe I’m just old school.

  • 9 happyjuggler0 // Mar 21, 2012 at 4:12 pm

    I bought some Dos Equis for the first time last year. It was on sale for the week of cinco de mayo (bigger here in LA than Boston I believe).

    As I was drinking it a thought occurred to me, “I don’t always drink Dos Equis, but when I do it is because it is on sale”. Kind of *begs* [sic] to be said, doesn’t it?

    I was also unimpressed by the taste. Pretty much any craft beer that I’ve had I liked better. Your mileage may vary….

  • 10 FT Alphaville » The Closer // Mar 22, 2012 at 5:16 pm

    [...] – The most interesting man in the world explains price elasticity of demand. [...]

  • 11 Comrade V // Mar 24, 2012 at 8:58 am

    I’m doing exatly this topic at the undergraduate level right now ( I’m taking a class in microeconomics.) Maybe someone could they could create a captioned picture that relates to the Income Elasticity of Demand. ‘When they drop the price of beer by a small amount, I buy a lot more of it,’ or something like that.

  • 12 Comrade V // Mar 24, 2012 at 9:13 am

    Whoops, meant *Price Elasticity* instead of income elasticity.

  • 13 happyjuggler0 // Mar 24, 2012 at 2:24 pm

    Comdrade V,

    Doesn’t the first pic do that? Or do you have something less concise in mind?

  • 14 dl // Mar 25, 2012 at 7:20 am

    I just didn’t look closely enough ‘happyjuggler0′ It’s a bit embarrassing actually…

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