Answer to Question #122575 in Microeconomics for Mobee

Question

From the following data in Table 1, supply the given requirements:

Table 1
Demand Schedules for Rubber Slippers

Price
30
25
20
15
10
5
Qd
5
15
20
45
75
100




Plot the demand curve.
Explain the graphical implication of the demand curve

Answer 1

The figure below shows the demand curve.

The implication of the demand curve is that price is inversely related to the quantity demanded. That is, an increase in price reduces the quantity demanded.