ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -The law of demand is usually represented as a graph. The graphical representation of the law of demand is a curve that establishes the relationship between the quantity demanded and the price of a good. The shape of the demand curve can vary among different types of goods.

Detailed explanation-3: -Explanation: Demand curve is a graphical representation of the individual demand schedule.

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: -A supply curve is a graph that shows the quantity supplied at each price. Sometimes the supply curve is called a supply schedule because it is a graphical representation of the supply schedule.