ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -** The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve. The downward slope of the demand curve again illustrates the law of demand-the inverse relationship between prices and quantity demanded.

Detailed explanation-2: -When the data in the demand schedule is graphed to create the demand curve, it supplies a visual demonstration of the relationship between price and demand, allowing easy estimation of the demand for a product or service at any point along the curve.

Detailed explanation-3: -With price on the y-axis and quantity on the x-axis, plot out the points given the price and quantity. Then, connect the dots. You’ll notice that the slope is going down and to the right. Essentially, demand curves are formed by plotting the applicable price/quantity pairs at every possible price point.

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.

Detailed explanation-5: -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.