Define Demand schedule
What is Demand schedule and how it is associated to demand curve?
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Demand schedule: The demand schedule is a table which exhibits the relationship among the price of a good and the quantity demanded. Demand curve is the downward-sloping line associating price and quantity demanded. The demand schedule and demand curve are associated since the demand curve is just a graph exhibiting the points in the demand schedule.
The demand curve slopes downward since of the law of demand—other things equivalent, whenever the price of a good increases, the quantity demanded of the good drops/falls. People purchase less of a good if its price increases both as they can’t afford to purchase as much and since they switch to buying other goods.
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Definition of surplus: It is a condition in which quantity supplied is more than quantity demanded. To remove the surplus, producers will minimize the price till the market reaches to equilibrium.
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In the figure shown below, line T0 depicts a tax system which is: (1) Progressive. (2) Regressive. (3) Proportional. (4) Unbiased. (5) Recessive. Discover Q & A Leading Solution Library Avail More Than 1438475 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1961174 Asked 3,689 Active Tutors 1438475 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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