How does a demand table relate to a demand curve graph?
Keeping this in view, what is the relationship between a demand curve and a demand schedule?
The demand curve is a graphical representation of quantity demanded at various prices while the demand schedule is a row data that gives prices and their corresponding quantities, usually given in the tabular form. They are ways of explaining the relationship between price and quantity.
Furthermore, how do you explain the demand curve? The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. In a typical representation, the price will appear on the left vertical axis, the quantity demanded on the horizontal axis.
Regarding this, what does the demand curve show the relationship between?
In economics, a demand curve is a graph depicting the relationship between the price of a certain commodity (the y-axis) and the quantity of that commodity that is demanded at that price (the x-axis).
Why is the demand curve important?
Demand curves are used to determine the relationship between price and quantity, and follow the law of demand, which states that the quantity demanded will decrease as the price increases.