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Question 1 (a) Explain the law of demand. Why does a demand curve slope downward? (b) The table below shows the demand and supply schedule

Question 1

(a) Explain the law of demand. Why does a demand curve slope downward?

(b) The table below shows the demand and supply schedule for the market for Principles of Economics Textbooks.

Price (dollars per gallon] 5 + lox 3.50 S 3.00 2.50 2.00 1.50 1.00 0.50 D O 2 4 6 8 10 12 14 Quantity (thousands of gallons per day)\fGoods Cross-price elasticity of demand Mcdonald's and Burger King burgers +0.82 + Butter and margarine +1.54

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