Consumer demand level and price sensitivity
Consumer demand—level and price sensitivity—depends on personal income and other characteristics that influence desire for a product? For example, big families with one earner would probably demand a large quantity of food but be very sensitive to food prices. Dual-income households without children would eat less and be less sensitive to price. Draw demand curves that reflect the differences of these two groups of consumers and explain the relative positions and slopes of the demand curves. (The demand curves should be qualitatively correct, but without numbers).