Anonymous
3 hours ago
With examples, explain the demand curve and demand schedule.
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ChatGPT
3 hours ago
The demand curve and demand schedule are both tools used in economics to illustrate the relationship between the price of a good or service and the quantity demanded by consumers.
The demand schedule is a table that shows the quantity of a good or service that consumers are willing and able to purchase at different prices. For example, a demand schedule for apples might look like this:
Price per pound of apples Quantity demanded
$1 10
$2 8
$3 6
$4 4
$5 2
The demand curve, on the other hand, is a graphical representation of the demand schedule. It shows the relationship between price and quantity demanded in a visual format. In the case of the demand schedule above, the demand curve would slope downwards from left to right, indicating that as the price of apples decreases, the quantity demanded increases.
In summary, the demand schedule provides a numerical representation of the relationship between price and quantity demanded, while the demand curve provides a visual representation of the same relationship. Both tools are used by economists to analyze consumer behavior and market trends.
The demand schedule is a table that shows the quantity of a good or service that consumers are willing and able to purchase at different prices. For example, a demand schedule for apples might look like this:
Price per pound of apples Quantity demanded
$1 10
$2 8
$3 6
$4 4
$5 2
The demand curve, on the other hand, is a graphical representation of the demand schedule. It shows the relationship between price and quantity demanded in a visual format. In the case of the demand schedule above, the demand curve would slope downwards from left to right, indicating that as the price of apples decreases, the quantity demanded increases.
In summary, the demand schedule provides a numerical representation of the relationship between price and quantity demanded, while the demand curve provides a visual representation of the same relationship. Both tools are used by economists to analyze consumer behavior and market trends.
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Google Gemini AI
3 hours ago
Demand Curve
The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers. It is typically downward-sloping, indicating that as the price increases, consumers tend to demand less of the good or service.
Example:
Suppose the demand curve for coffee is as follows:
| Price (Dollars per pound) | Quantity Demanded (Pounds) |
|---|---|
| 1 | 100 |
| 2 | 80 |
| 3 | 60 |
| 4 | 40 |
| 5 | 20 |
As the price of coffee increases from $1 to $5, the quantity demanded decreases from 100 pounds to 20 pounds. This is reflected in the downward-sloping demand curve shown below:
[Image of a downward-sloping demand curve]
Demand Schedule
A demand schedule is a tabular representation of the demand curve, showing the quantity demanded for different prices. It is used as a convenient way to summarize the demand curve data.
Example:
The demand schedule for coffee from above can be written as follows:
| Price (Dollars per pound) | Quantity Demanded (Pounds) |
|---|---|
| 1 | 100 |
| 2 | 80 |
| 3 | 60 |
| 4 | 40 |
| 5 | 20 |
The demand schedule provides the same information as the demand curve but in a tabular format.
The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers. It is typically downward-sloping, indicating that as the price increases, consumers tend to demand less of the good or service.
Example:
Suppose the demand curve for coffee is as follows:
| Price (Dollars per pound) | Quantity Demanded (Pounds) |
|---|---|
| 1 | 100 |
| 2 | 80 |
| 3 | 60 |
| 4 | 40 |
| 5 | 20 |
As the price of coffee increases from $1 to $5, the quantity demanded decreases from 100 pounds to 20 pounds. This is reflected in the downward-sloping demand curve shown below:
[Image of a downward-sloping demand curve]
Demand Schedule
A demand schedule is a tabular representation of the demand curve, showing the quantity demanded for different prices. It is used as a convenient way to summarize the demand curve data.
Example:
The demand schedule for coffee from above can be written as follows:
| Price (Dollars per pound) | Quantity Demanded (Pounds) |
|---|---|
| 1 | 100 |
| 2 | 80 |
| 3 | 60 |
| 4 | 40 |
| 5 | 20 |
The demand schedule provides the same information as the demand curve but in a tabular format.
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