It mesans that people are more willing to buy things at a low price than a high price.
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.
The demand curve is an approximation of the quantity demands crossed with the price at a given time. In order to create it, the facts are plotted and then a curve is created. The line itself might not go through any real points, hence the approximation.
It is false that the steeper the demand curve the less elastic the demand curve. The steeper line is used in economics to indicate the inelastic demand curve.
The data on a demand schedule can be plotted on a demand curve. Often, a demand schedule will be created before the creation of a demand curve, so as to allow for greater accuracy when plotting the demand curve.
A demand curve is a graphical representation of the relationship between price and quantity demanded, showing how the quantity demanded changes as the price changes. A demand schedule, on the other hand, is a table that lists the quantity demanded at different prices. Both the demand curve and demand schedule illustrate the law of demand, which states that as the price of a good or service decreases, the quantity demanded increases, and vice versa.
An increase in demand is represented by a shift of the demand curve to the right; not a movement along the demand curve. An increase in the quantity demanded would be a movement down the demand curve.
aggregate demand curve is the total sum of all the individual demand curves while individual demand curve is the demand made by the single individual.
how is a demand curve derived from individual demand curve ?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
the market demand curve is the curve related to the demand of the commodity demanded by the group of people to the at different price.
Example of a Linear Demand Curve
Demand curve will be perfect inelastic