Question
How is a demand curve derived from a demand schedule?
Solution
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(155 Votos)
Victor
Elite · Tutor por 8 anos
Resposta
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 derived from a demand schedule, which is a table that lists the quantity demanded at each price level.To derive a demand curve from a demand schedule, you need to plot the quantity demanded on the x-axis and the price on the y-axis. Then, for each price level, locate the corresponding quantity demanded on the demand schedule and plot the point on the graph. Finally, connect the points to create the demand curve.The demand curve typically slopes downward, indicating that as the price of a good or service decreases, the quantity demanded increases, and vice versa. This relationship is known as the law of demand.