Elaborate on the concepts of Demand Schedule and Demand Curve, is there any relationship between them? What is the reason behind the downward slope of the demand curve? (2 Marks) (Word count: 250 words max.)

Following are the supply and demand schedules for the market of Burgers:

 Price                          Quantity Demanded       Quantity Supplied

Rs.400                                     130 burgers                               30 burgers

     500                                     100                                            50

     600                                       80                                      80

     700                                       60                                            90

     800                                       50                                    100

     900                                       40                                          120

Graph the demand and supply curves. What are the equilibrium price and quantity in this market? (2 Marks)

If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? (1 Mark)

If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium? (1 Mark)

Answer rating: 100% (QA)

answer 1 A demand schedule refers to a table highlighting quantity demanded at different prices On t... View the full answer