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Chapter 4: Problem 4

Give an example of a demand schedule.

Short Answer

Expert verified
An example of a demand schedule can be the following: Price (in USD per kg) - 10, 8, 6, 4, 2; Quantity demanded (in kgs) - 10, 20, 30, 40, 50. According to this schedule, as the price per kg of apples decreases, the quantity demanded by customers increases, manifesting the law of demand.

Step by step solution

01

Understanding the Concept of Demand Schedule

A demand schedule in economics is a table that lists the quantity of a good that consumers are willing to purchase at various prices. It follows the law of demand; as the price decreases, the quantity demanded increases, and vice versa.
02

Create Demand Schedule Table

Create a two-column table, one for price and one for quantity. The price starts from high and decreases, while quantity starts from low and increases.
03

Fill the Table with Data

Write a sequence of decreasing prices in the price column and correspondingly increasing quantities in the quantity column. For example, for a commodity like apples:\n\nPrice (in USD per kg) | Quantity demanded (in kgs)\n--- | ---\n10 | 10\n8 | 20\n6 | 30\n4 | 40\n2 | 50

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