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Introduction & Overview
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Quick Overview
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The demand schedule is a table that lists the quantities of a commodity that consumers are willing to buy at various prices. This data is graphically represented as a downward-sloping demand curve, which reflects the inverse relationship between price and quantity demanded.
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Demand Schedule
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β Demand Schedule: A table showing quantities demanded at different prices.
Detailed Explanation
A Demand Schedule is a table that displays various prices for a commodity alongside the quantities that consumers are willing to buy at those prices. This helps visualize how demand changes when prices fluctuate. When prices are low, we expect the quantity demanded to increase, and when prices rise, the quantity demanded typically decreases.
Examples & Analogies
For example, consider a local farmer selling apples. If the price of apples is set at $1 each, the demand schedule might show that 100 apples are sold. If the price decreases to $0.50, the demand might increase to 200 apples. Conversely, if the price increases to $1.50, the demand may drop to 50 apples. This illustrates how the demand schedule captures this relationship between price and quantity demanded.
Demand Curve
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β Demand Curve: A downward sloping curve showing the inverse relationship between price and quantity.
Detailed Explanation
A Demand Curve is a graphical representation of the demand schedule. It typically slopes downwards from left to right, indicating the inverse relationship between price and quantity demanded. This means that as the price decreases, the quantity demanded increases, and vice versa. The curve helps to visualize consumer behavior and how markets operate under different pricing conditions.
Examples & Analogies
Imagine a graph with price on the vertical axis and quantity on the horizontal axis. If you plot points from the demand schedule, you would see that as you move to the right on the quantity axis (indicating more apples demanded), you would move down on the price axis, confirming that higher quantities are demanded at lower prices. This is much like how a slope on a hill makes it easier to climb down than up.