Supply & Demand Schedules
Demand Schedules
definition: a list of the quantities of a good that one person will buy at various prices.
In my own words: a demand schedule shows how much of something people will buy.
The demand schedule below shows the relationship between how much a pair of sunglasses will cost, and the quantity demanded of sunglasses at a specific price.
definition: a list of the quantities of a good that one person will buy at various prices.
In my own words: a demand schedule shows how much of something people will buy.
The demand schedule below shows the relationship between how much a pair of sunglasses will cost, and the quantity demanded of sunglasses at a specific price.
Supply Schedules
definition: a table that shows the quantities supplied at different prices in a market.
In my own words: a supply schedule shows how much a firm will supply of something.
The supply schedule below shows the relationship between how much a pair of sunglasses cost, and how many pair of sunglasses the business will produce at a specific price.
definition: a table that shows the quantities supplied at different prices in a market.
In my own words: a supply schedule shows how much a firm will supply of something.
The supply schedule below shows the relationship between how much a pair of sunglasses cost, and how many pair of sunglasses the business will produce at a specific price.
Summary: As the price of something increases, the demand for that will decrease, and the supply will increase, and vise versa. The demand curve is inversely related with price, while the supply curve is directly related.