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What is the difference between a demand schedule and a demand curve?
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
What is a demand curve?
Demand curve describes the relationship between the product price and the number of the product demanded through the use of graph. This is also an illustration of demand schedule.
What does a unitary elastic graph represent in terms of price elasticity of demand?
A unitary elastic graph represents a price elasticity of demand of 1, indicating that a change in price leads to an equal percentage change in quantity demanded.
A graph of a complementary good in economics?
A graph of complimentary goods in economics represents the relationship between the price of of commodity & demand for it's complementary. Thus it shows a inverse relationship.
How can one determine the total surplus from a graph?
To determine the total surplus from a graph, calculate the area of the triangle formed by the intersection of the supply and demand curves. This triangle represents the total surplus in the market.
When a demand schedule is drawn as a graph?
When a demand schedule is drawn as a graph, it typically forms a downward-sloping curve known as the demand curve. This curve illustrates the inverse relationship between price and quantity demanded; as the price decreases, the quantity demanded generally increases, and vice versa. Each point on the curve represents a specific price-quantity combination from the demand schedule. The graph visually conveys how consumer demand changes in response to price fluctuations.
What is the difference between a demand schedule and a demand curve?
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
What is a demand curve?
Demand curve describes the relationship between the product price and the number of the product demanded through the use of graph. This is also an illustration of demand schedule.
Which point on the graph represents the equilibrium price?
Supply and demand graphs meet at the equilibrium price.
What does a unitary elastic graph represent in terms of price elasticity of demand?
A unitary elastic graph represents a price elasticity of demand of 1, indicating that a change in price leads to an equal percentage change in quantity demanded.
A graph of a complementary good in economics?
A graph of complimentary goods in economics represents the relationship between the price of of commodity & demand for it's complementary. Thus it shows a inverse relationship.
How can one determine the total surplus from a graph?
To determine the total surplus from a graph, calculate the area of the triangle formed by the intersection of the supply and demand curves. This triangle represents the total surplus in the market.
What represents acceleration on a graph?
The answer depends on the variables in the graph! In a graph of age against mass there is nothing that represents acceleration.
What is the vertical axis of a graph called?
The y-axis is the vertical line on a line graph.
How can economist visualize equilibrium price?
Economists can visualize equilibrium price using a supply and demand graph. The point where the supply and demand curves intersect represents the equilibrium price. It shows the price at which the quantity demanded by consumers matches the quantity supplied by producers, resulting in a market balance.
How can one determine the economic surplus on a graph?
To determine the economic surplus on a graph, calculate the area between the supply and demand curves up to the equilibrium point. This area represents the total economic surplus in the market.
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
