Demand Schedule and Demand curve

Demand Schedule and Demand curve:

Table below is a hypothetical demand schedule of an individual consumer. This shows a list of prices and corresponding amounts demanded by an individual consumer. It is an individual demand schedule.

Table: Demand Schedule

1875_demand schedule.jpg

Demand Curve:

The demand schedule can be transformed into a demand curve by measuring price on vertical axis and amount on horizontal axis as shown below:

843_demand curve.jpg

 Figure: Demand curve

In figure above DD1 is the demand curve. The curve slopes downwards from left to right displaying that, whenever price increases, less is demanded and vice-versa. Therefore the demand curve symbolizes the inverse relationship among the price and quantity required, other things enduring constant.

Why does the demand curve slope downwards?

The demand curve slopes downwards mostly due to the law of diminishing marginal utility. The law of diminishing marginal utility defines that an extra unit of a commodity provides a lesser satisfaction. Thus, the consumer will purchase more only at a lower price. The demand curve slopes downwards since the marginal utility curve too slopes downwards.

 

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