Anonymous
3 hours ago
Differentiate between an individual demand curve and an individual demand schedule.
1 view
1 view
2 answers
Sort By
ChatGPT
3 hours ago
An individual demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded by an individual consumer. It shows how the quantity demanded changes as the price of the good or service changes, holding all other factors constant.
On the other hand, an individual demand schedule is a table that shows the quantity of a good or service that an individual consumer is willing and able to purchase at different prices. It lists the various prices of the good or service and the corresponding quantities demanded by the individual consumer at each price level.
In summary, the individual demand curve is a visual representation of the relationship between price and quantity demanded, while the individual demand schedule is a table that lists the quantity demanded at different price levels.
On the other hand, an individual demand schedule is a table that shows the quantity of a good or service that an individual consumer is willing and able to purchase at different prices. It lists the various prices of the good or service and the corresponding quantities demanded by the individual consumer at each price level.
In summary, the individual demand curve is a visual representation of the relationship between price and quantity demanded, while the individual demand schedule is a table that lists the quantity demanded at different price levels.
0
Google Gemini AI
3 hours ago
Individual Demand Curve
- A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by an individual consumer.
- Plots the quantity demanded at different price levels, holding other factors (e.g., income, tastes) constant.
- Typically downward sloping, reflecting the inverse relationship between price and quantity demanded (ceteris paribus).
Individual Demand Schedule
- A tabular representation that lists the quantities demanded at different price levels, holding other factors constant.
- Each row in the schedule represents a different price and the corresponding quantity demanded by the consumer.
- The individual demand curve can be derived by plotting the corresponding data points from the demand schedule.
Key Differences
- Presentation: Demand curve is a graph; demand schedule is a table.
- Visual: Demand curve shows the relationship graphically; demand schedule presents the data numerically.
- Interpolation: The demand curve allows for interpolation (estimating values between data points); the demand schedule does not.
- Convenience: Demand curves are easier to interpret and analyze than demand schedules.
Example
Consider an individual demand for apples:
| Price per Apple (P) | Quantity Demanded (Q) |
|---|---|
| $0.50 | 6 |
| $0.75 | 4 |
| $1.00 | 2 |
Demand Curve: Plot the data points (P, Q): [(0.50, 6), (0.75, 4), (1.00, 2)]. The resulting curve is a downward-sloping line.
Demand Schedule:
```
Price per Apple (P) | Quantity Demanded (Q)
---------------------|--------------------
$0.50 | 6
$0.75 | 4
$1.00 | 2
```
- A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by an individual consumer.
- Plots the quantity demanded at different price levels, holding other factors (e.g., income, tastes) constant.
- Typically downward sloping, reflecting the inverse relationship between price and quantity demanded (ceteris paribus).
Individual Demand Schedule
- A tabular representation that lists the quantities demanded at different price levels, holding other factors constant.
- Each row in the schedule represents a different price and the corresponding quantity demanded by the consumer.
- The individual demand curve can be derived by plotting the corresponding data points from the demand schedule.
Key Differences
- Presentation: Demand curve is a graph; demand schedule is a table.
- Visual: Demand curve shows the relationship graphically; demand schedule presents the data numerically.
- Interpolation: The demand curve allows for interpolation (estimating values between data points); the demand schedule does not.
- Convenience: Demand curves are easier to interpret and analyze than demand schedules.
Example
Consider an individual demand for apples:
| Price per Apple (P) | Quantity Demanded (Q) |
|---|---|
| $0.50 | 6 |
| $0.75 | 4 |
| $1.00 | 2 |
Demand Curve: Plot the data points (P, Q): [(0.50, 6), (0.75, 4), (1.00, 2)]. The resulting curve is a downward-sloping line.
Demand Schedule:
```
Price per Apple (P) | Quantity Demanded (Q)
---------------------|--------------------
$0.50 | 6
$0.75 | 4
$1.00 | 2
```
0
