The table that lists various prices and quantity combinations of demand is the demand schedule. This table makes it simpler to predict demand at different price levels.
A supply schedule
A demand schedule
Demand Schedule
demand curve shows quantities that the consumer is willing and able to buy at various prices in a given period of time,other things being equal. Whereas, a budget line is a graph showing all the possible combinations of two goods that can be purchased at given prices and for a given budget.
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
demand
Demand
A change in quantity demanded
supply.. or demand. a or b.. 50/50 chance
It is called the equilibrium price.
demand curve shows quantities that the consumer is willing and able to buy at various prices in a given period of time,other things being equal. Whereas, a budget line is a graph showing all the possible combinations of two goods that can be purchased at given prices and for a given budget.
perfectly elastic demand the quantity change by infinitely large amount proportion due to the small change in price, is called perfectly elastic demand. perfectly inelastic demand the quantity demand doesn't change at all due to the change in price is called perfectly inelastic demand. relatively elastic demand the quantity demand changes by a little more percentage than the change in price is called relatively elastic demand. relatively inelastic demand the percentage change in quantity demand is less than the percentage change change in its price is called relatively inelastic demand unitary elastic demand the percentage change in quantity demand is equal to the percentage change in price is called unitary elastic demand
Demand
demand
A change in quantity demanded
Economists use the term demand to refer to a schedule of various combinations of market prices and amounts demanded.
when price changes it is called inelastic demand and when quantity of demand change that is called elastic of demand.
High Demand Lowers QuantityLow Demand increases price and quantity
All the possible combinations of price and quantity of a good or service that an individual would desire based on his/her view of the utility gained from the consumption of this good or service
A change in quantity demanded