Answer to Question #76892 in Economics for gwen

Question

Think about an item that you purchase on a regular basis. Then, create your own individual demand schedule. List five prices and the quantity you would demand of the item at each price. Be sure to provide a description of the item as well as an explanation of why you would demand the respective number of items at each price.

Answer 1

An example from the market for gasoline can be shown in the form of a table or a graph. A table that shows the quantity demanded at each price is called a demand schedule. Price in this case is measured in dollars per gallon of gasoline. The quantity demanded is measured in millions of gallons over some time period (for example, per day or per year) and over some geographic area (like a state or a country). A demand curve shows the relationship between price and quantity demanded on a graph.
Source:
https://opentextbc.ca/principlesofeconomics/chapter/3-1-demand-supply-and-equilibrium-in-markets-for-goods-and-services/