(Answered) Deriving a demand curve

Economics

Choose a commodity.

Question 1: How would you go about deriving a demand curve for this commodity using neo-classical economics? Make sure you outline all the steps in the process - all the way from preferences to the actual demand curve. Also, do derive an individual demand curve and then a market demand curve.

Question 2: Would your approach change if you were using institutional economics? If so how? If not, why not?

Question 3: What shape does the demand curve for your commodity have? (Is it upward sloping? downward sloping? Or... what ?) Explain why you think a market demand curve for this commodity would have this shape.

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Macroeconomics, Economics

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