Deriving the Demand Curve and Understanding the Law of Demand

The video tutorial explains the concept of demand, differentiating between demand and effective demand. It introduces utility and its influence on consumer behavior, leading to the derivation of the demand curve through the law of diminishing marginal utility. The law of demand is discussed, highlighting its inverse relationship between price and quantity demanded. Exceptions to the law, such as Veblen and speculative goods, are also covered. The tutorial concludes with a summary of the key points on demand curves.

How does the demand curve illustrate the relationship between price and quantity demanded?

What are Veblen goods and how do they behave in relation to the law of demand?

What are some exceptions to the law of demand?