Briefly explain the following
a) A demand function
b) A demand schedule
c) A demand curve
d) The law of the demand
Answers
b) A demand schedule shows the list of various quantities of a commodity demanded at alternative prices.
It is the horizontal summasion in the individual demand curve.
c)demand curve is the curve which represents the combination of price and quantity depended by a single individual at different prices.
d) the law of demand, other things being equal, the demand for a commodity falls with an increase in its price and demand increase with a fall in price.
Answer:
a) A Demand Function
A Demand Function is a functional relationship which states the relationship between the demand for a product and its various determinants.
b) A Demand Schedule
A Demand Schedule is a tabular statement which shows different quantities demanded of a commodity at different prices during a particular period of time.
c) A Demand Curve
A Demand Curve is picturization of the Demand Schedule which shows different quantities of a commodity demanded at different prices during a particular period of time.
Demand Curve is a graphical presentation of a law of demand or a conversion of demand schedule in a picturised form.
d) The Law Of Demand
The Law of Demand refers to the inverse (opposite) relationship between the quantity demanded and price of a commodity, where other things remaining constant , the quantity demanded of a commodity increases when its price falls and the demand decreases when the price rises.
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