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Chapter 3, Problem 1QD Bookmark Show all steps: ON

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a. Define carefully what is meant by a demand schedule or curve. State the law of downward-
sloping demand. Illustrate the law of downward-sloping demand with two cases from your own
experience.
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b. Define the concept of a supply schedule or curve. Show that an increase in supply means a phone to post a question
rightward and downward shift of the supply curve. Contrast this with the rightward and upward We'll send you a one-time
shift of the demand curve implied by an increase in demand. download link

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Step 1 of 4

(a) My Textbook Solutions

Demand schedule is the schedule that shows the relationship between the price and quantity
demanded for a good with other things remaining constant.

Example for a demand schedule is as follows:

Demand schedule for corn

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Step 2 of 4

The demand curve represents the demand schedule graphically:

The demand curve is downward sloping because with increase in the price of the commodity
(with other things remain constant), there would be a decline in the demand for the good.
Similarly, with the fall in the price of the goods (with other things remain constant), there would be
an increase in the demand for the good.

Considering two examples from my personal experience:

• One would opt for more number of goods and services when the price of a good is offered at a
discount. I myself bought two biscuit packets when they are offered at the price of one.

1 of 4 03-Jun-21, 11:17 AM
Chapter 3 Solutions | Economics 19th Edition | Chegg.com https://www.chegg.com/homework-help/economics-19th-edition-chapter...

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Step 3 of 4

(b)

Supply schedule is the schedule that shows the relationship between the price and quantity
supplied of a good with other things remaining constant.

Example for a supply schedule is as follows:

Supply schedule for corn

The supply curve represents the demand schedule graphically:

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Step 4 of 4

The shift in the supply curve is demonstrated below:

From the above graph it can be observed that SS is the original supply curve. The supply curve
has shifted to the right and the new supply curve is S1S1.

If there is an increase in demand, the quantity demanded at each price will increase:

From the above graph it can be observed that DD is the original supply curve. The supply curve
has shifted to the right and the new supply curve is D1D1.

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2 of 4 03-Jun-21, 11:17 AM