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Unformatted text preview: Figure 4-1 graphs the numbers in Table 4-1. By convention, the price of ice cream is on the vertical axis, and the quantity of ice cream demanded is on the Table 4-1 C ATHERINE S D EMAND S CHEDULE . The demand schedule shows the quantity demanded at each price. P RICE OF I CE-C REAM C ONE Q UANTITY OF C ONES D EMANDED $0.00 12 0.50 10 1.00 8 1.50 6 2.00 4 2.50 2 3.00 demand schedule a table that shows the relationship between the price of a good and the quantity demanded Price of Ice-Cream Cone 2.50 2.00 1.50 1.00 0.50 1 2 3 4 5 6 7 8 9 10 11 Quantity of Ice-Cream Cones $3.00 12 Figure 4-1 C ATHERINE S D EMAND C URVE . This demand curve, which graphs the demand schedule in Table 4-1, shows how the quantity demanded of the good changes as its price varies. Because a lower price increases the quantity demanded, the demand curve slopes downward....
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This note was uploaded on 07/30/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.
- Spring '10