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The quantity on the horizontal axis of a demand curve represents the amount of a good or service that consumers are willing and able to purchase at various price levels. This axis reflects consumer behavior, showing how demand changes with price fluctuations. As price decreases, the quantity demanded typically increases, illustrating the law of demand. This relationship helps visualize the trade-off between price and quantity in a market context.
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Why does the demand curve have negative slope?
because quantity is on x axis and price is on y axis and as the price increase the demand decrease
What is the relationship between the demand schedule and the demand curve in economics?
The demand schedule and the demand curve in economics both show the relationship between the price of a good or service and the quantity demanded by consumers. The demand schedule is a table that lists different prices and the corresponding quantities demanded, while the demand curve is a graphical representation of this relationship. The demand curve is derived from the demand schedule, with price on the vertical axis and quantity on the horizontal axis. Both the demand schedule and the demand curve illustrate how changes in price affect the quantity demanded, showing an inverse relationship between price and quantity demanded.
State the law of demand with the help of diagram and schedule?
Law of demand is the higher the price, the less quantity is demanded. Price is on y (verticle axis) and quantity is on x axis (horizontal axis). Supply curve (curve in this case is a straight line) starts from origin, increases on a 45deg angle, Demand curve starts from high price/low quantity to low price, high quantity. Draw a table with demand column and price column, and a price increases, demand decreases.
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
Is a demand curve an example of a positive relationship?
No, a demand curve typically illustrates a negative relationship between price and quantity demanded. As the price of a good decreases, the quantity demanded generally increases, reflecting the law of demand. This inverse relationship is visually represented by a downward-sloping curve on a graph, where price is on the vertical axis and quantity demanded is on the horizontal axis.
Why does the demand curve have negative slope?
because quantity is on x axis and price is on y axis and as the price increase the demand decrease
What is the relationship between the demand schedule and the demand curve in economics?
The demand schedule and the demand curve in economics both show the relationship between the price of a good or service and the quantity demanded by consumers. The demand schedule is a table that lists different prices and the corresponding quantities demanded, while the demand curve is a graphical representation of this relationship. The demand curve is derived from the demand schedule, with price on the vertical axis and quantity on the horizontal axis. Both the demand schedule and the demand curve illustrate how changes in price affect the quantity demanded, showing an inverse relationship between price and quantity demanded.
State the law of demand with the help of diagram and schedule?
Law of demand is the higher the price, the less quantity is demanded. Price is on y (verticle axis) and quantity is on x axis (horizontal axis). Supply curve (curve in this case is a straight line) starts from origin, increases on a 45deg angle, Demand curve starts from high price/low quantity to low price, high quantity. Draw a table with demand column and price column, and a price increases, demand decreases.
What happens when quantity supply exceeds quantity demand?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
Explain the difference between elasticity of demand and the slope of a demand curve?
The demand curve is drawn with price on the vertical axis and quantity demanded on the horizontal axis. Mathematically, the slope of a curve is represented by rise over run, or the change in the variable on the vertical axis divided by the change in the variable on the horizontal axis. Therefore, the slope of the demand curve represents change in price divided by change in quantity. Elasticity, on the other hand, aims to quantify the responsiveness of demand and supply to changes in price, income, or other determinants of demand.
Is a demand curve an example of a positive relationship?
No, a demand curve typically illustrates a negative relationship between price and quantity demanded. As the price of a good decreases, the quantity demanded generally increases, reflecting the law of demand. This inverse relationship is visually represented by a downward-sloping curve on a graph, where price is on the vertical axis and quantity demanded is on the horizontal axis.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What happens when quantity demanded exceeds quantity supplied?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
What happen when quantity supplied exceeds quantity demanded?
Graphically, the Y axis is price and the X axis is quantity. The demand curve slopes downward, while the supply curve slopes upward. When quantity demanded exceeds quantity supplied the market is out of equilibrium. As a result, the price of goods increases, thereby decreasing the quantity demanded. This is characterized as a move up along the demand curve and not a shift. Changes in endogenous variables, ie price and quantity, are just movements along the curve.
What are demand schedule and the demand curve?
A Demand Schedule is a table listing quantities demanded of a good at different pricesFor Example;Price ($) | Quantity Demanded (Units)1 102 93 84 7etc.A Demand Curve displays the information from a Demand Schedule.The Price is on the Y-axis, and the Quantity Demanded is on the X-axis, you just plot the points given , i.e. (10,1) , (9,2)In reality the Demand Curve is an actual curve, but for basic examples the "Curve" is a straight downward sloping line from left to right, for the above example.
What is the shape of the marginal-revenue curve if the total-revenue curve is a positively sloped straight line?
it will be parallel to horizantal axis
Why demand curve downward slopping?
The demand curve is plotted with quantity on the horizontal axis and price on the vertical. As the price of a good increases, people will want/be able to purchase less of it. If the price decreases, the quantity people will buy more.
