Apply your understanding of the previous key terms by completing the following s

Question

Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology.

Your coworker Shen 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 Shen'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 a demand curve/the law of demand/a demand schedule???   using the data provided. However, if Shen's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that  a demand curve/the law of demand/a demand schedule??? would be more appropriate.

2. Demand terminology Complete the following table by selecting the term that matches each definition. Quantity Demand Demand Law of Demanded Curve Schedule Demand Definition 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 amount of a good that buyers are willing and able to purchase at a given price The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises 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

Explanation / Answer

Answer

1) A table showing relationship between The price of Good and the amount that buyers are willing and able to purchase at various prices - DEMAND SCHEDULE

2)The amount of goods buyers are willing and able to purchase at given price - QUANTITY DEMANDED

3) The claim that with other things remaining constant, The quantity demanded of good fallswhen price of that good rises - LAW OF DEMAND

4) A graphical object showing the relationship between the priceof a good and amount of goodthat buyers are willing and able to purchase at various prices - DEMAND CURVE

We can see from the above definitions that:

If Shen'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 A DEMAND CURVE

if Shen's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that A DEMAND SCHEDULE would be more appropriate.

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