Define quantity demanded and illustrate it with a demand schedule and a demand curve.

Question

ScanSolve AI Tutor · Accepted Answer

The image provides a demand schedule, a definition of quantity demanded, and a demand curve graph.

Verify the definition of quantity demanded.
The definition provided states: "The quantity demanded of a good or service is defined as the quantity of that good or service consumers are willing to buy at a particular price at a particular point in time."
This definition is correct.
Check the demand schedule.
The demand schedule is given as:
$\begin{array}{|c|c|} \hline \text{Price (P)} & \text{Quantity Demanded (Qd)} \\ \hline 8 & 0 \\ 7 & 1 \\ 6 & 2 \\ 5 & 3 \\ 4 & 4 \\ 3 & 5 \\ \hline \end{array}$
Verify the plotted points and the demand curve.
The graph plots Price (P) on the y-axis and Quantity (Q) on the x-axis.
- At P=8, Qd=0: The point (0, 8) is correctly plotted.
- At P=7, Qd=1: The point (1, 7) is correctly plotted.
- At P=6, Qd=2: The point (2, 6) is correctly plotted.
- At P=5, Qd=3: The point (3, 5) is correctly plotted.
- At P=4, Qd=4: The point (4, 4) is correctly plotted.
- At P=3, Qd=5: The point (5, 3) is correctly plotted.
The curve drawn connects these points, showing a downward-sloping relationship between price and quantity demanded, which is consistent with the law of demand.

The graph accurately represents the given demand schedule.

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