Question

The following example gives a demand schedule and a demand curve.

Label the X-axis & Y-axis first, then draw the curve.

A Demand Schedule for A Good of A Consumer

Price ($ per uint)	Quantity Demanded
30	2
20	4
15	6
12	8
10	10
8	12

A Demand Curve for A Good of A Consumer (within a time period)

Price
30
20
10
0	2	4	6	8	10	12	Quantity

The demand curve slopes downward from _____________ to ____________.

Answer 1

Demand curve graphically represents the relationship between price and quantity

Demand curve slopes downward from left to right.

Quantity demanded is low at higher prices. The demand increases as the price decreases. This follows the law of demand. Based on the law of diminishing marginal utility, consumer utility decreases with consumption of every additional unit of the commodity. This explains the slope of the demand curve.