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What Are the Demand Schedule and the Demand Curve and How Are They Related? by Shane Hall, Demand Media Business people often use charts, such
What Are the Demand Schedule and the Demand Curve and How Are They Related? by Shane Hall, Demand Media Business people often use charts, such as demand and supply curves, in meetings. When business people examine financial and economic information on which to base decisions, they differ in how they want the information presented. Some prefer spreadsheets, with the data organized into rows and columns of numbers. Others prefer the data presented more visually, such as bar graphs and line charts. The demand schedule and demand curve in economics represent ways of presenting the relationship of price and quantity demanded that satisfy both types of entrepreneurs. Function The demand schedule and demand curve both illustrate the relationship between the price of a product or service and the level of demand for it. Other factors besides price, such as consumer income and the price of competing goods, influence demand. The demand schedule and demand curve, however, consider only price, assuming no change in these other factors, according to N. Gregory Mankiw, a Harvard economist and former presidential economics adviser. Demand Schedule The demand schedule illustrates the relationship between price and quantity demanded by using a table of figures. The demand schedule generally consists of two columns: one for the
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