ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand schedule and demand curve A demand schedule is a table that shows the quantity demanded at each price. A demand curve is a graph that shows the quantity demanded at each price.

Detailed explanation-2: -Demand curve. The graphical representation of the demand schedule is called a demand curve. Itshows the relation between the price of a commodity and the amount of that commodity the consumer is willing to purchase.

Detailed explanation-3: -The demand curve is based on the demand schedule. The demand schedule shows exactly how many units of a good or service will be purchased at various price points. It is important to note that as the price decreases, the quantity demanded increases. The relationship follows the law of demand.

Detailed explanation-4: -You would create the demand schedule by first constructing a table with two columns, one for price and one for quantity demanded. Then you would choose a range of prices, say, $0, $1, $2, $3, $4, $5, and write these under the ‘price’ column. For each price you would proceed to calculate the associate quantity demanded.