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.
What is the alternative name of value added technique of estimating national income? The alternative name of value added technique of estimating national income is production method.
Quantity of a good: The quantity of a good which buyers demand is found out by the price of the good, income, the prices of associated goods, expectations, tastes, and the number of buyers.
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Determine the value of MPC whenever MPS is zero? Answer: Whenever MPS = 0, MPC = 1 – 0 = 1.
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