Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand Apply yo
ID: 1132739 • Letter: D
Question
Definition
Quantity Demanded
Demand Curve
Demand Schedule
Law of Demand
Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.
Your coworker Musashi is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report.
If Musashi's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct _____ using the data provided. However, if Musashi's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that ______ would be more appropriate.
Definition
Quantity Demanded
Demand Curve
Demand Schedule
Law of Demand
A graphical object showing the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises The amount of a good that buyers are willing and able to purchase at a given priceExplanation / Answer
Ans. Let's straightaway start answering this question.
First of all , I would tell you about the definitions given in the question.
First definition about the graphical presentation is of DEMAND CURVE .
Second definition about the tabular presentation is of Demand Schedule .
Third definition about the claim is of LAW OF DEMAND.
The last definition about the amount of Goods is of QUANTITY DEMANDED.
Now , if Musashi's boss is interested to know the relationship between quantity and price then I would advice him to use DEMAND CURVE Because it shows the relation between Quantity and Price in a graphical form.
If Musashi's boss is more interested in knowing about the detailed numbers by a visual form. Then I would suggest my Coworker to choose DEMAND SCHEDULE. Because demand Schedule shows the detailed numbers to construct the Visual Representation.
I hope you are able to understand the answer. Do ask in case of any Doubts.
Best of Luck ! Keep Chegging !!
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