Question

Hi sir/ma'am, may I humbly ask you to help me with this particular micro economics problem please? Thank you for your help!

1. Demand terminology Complete the following table by selecting the term that matches each definition. Definition Quantity Demanded Demand Curve Demand Schedule Law of Demand The claim that, ceteris paribus, the quantity demanded of a good falls when the price of that good rises 0 A graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices 0 A table showing the relationship between the price of a good and the amount that buyers are willing and able to purchase at various prices 0 The amount of a good that buyers are willing and able to purchase at a given price Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your coworker Charles is really concerned about a project that he has just been assigned. He is in charge of analyzing and determining conditions in the market for televisions from an extensive sales report. If Charles's boss is interested in a graphical presentation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct using the data provided. However, if Charles's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that would be more appropriate.

Answer 1

a) The claim that = Law of demand

b) A graphical = Demand curve

c) A table = Demand schedule

d) The amount = Quantity demanded

Blanks-

1) a demand curve

2) a demand schedule