Question

Plot the demand curve from the demand schedule information provided. (a) What can you explain from...

Plot the demand curve from the demand schedule information provided.

(a) What can you explain from the graph?

(b) Can you identify any determinants?

(c) What happens if price changes?

(d) What else do you think will happen?

(e) What happens if other determinants change?

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Answer #1

a. A demand curve is downward sloping curve which follows the law of demand

b. some of the determinants are

  • income level of consumer
  • presence of substitutes in the market
  • taste and preferences etc

c if the price changes then it is shown by the change in quantity demanded by an upwards or downward movement on the demand curve

e if determinant changes like income level of consumer increases then this will lead to have more purchasing power of the consumer and they will consume and buy more

so this will cause the demand curve to shift right shown below

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