Principles of Economics - The Demand Schedule

Running head: PRINCIPLES OF ECONOMICS
PRINCIPLES OF ECONOMICS
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Table of Contents
Answer to Question: 1.....................................................................................................................3
Answer to Question: 2.....................................................................................................................4
Answer to Question: 3.....................................................................................................................7
Reference List..................................................................................................................................9

Answer to Question: 1
Part A
The demand schedule is a table which shows the quantity demanded of a product at each
level of price. Demand schedule can be plotted in several ways such as line or chart. The line
chat is must effective for the economic analysis which helps to understand the value of the
product at each price level. It shows the number of goods to be bought by consumers at some
level. Price and quantity demanded are inversely related (Catalini et al. 2019) The law of
demand says that an increase in price leads to a fall in the amount of output demanded of the
product. When the price of the good goes up, consumers lower their demand which leads to a fall
in quantity demanded. A fall in price raises consumer demand as they can buy more goods with
same of money.
Figure 1: Law of curve, drawn from demand schedule
Source: as created by the author