Do the data points look like they fall on one demand curve? What might explain this?
[gasoline price on the vertical axis and gas demand on the horizontal axis.]
Homework Answers
For normal goods the demand curve is downward sloping and this shows the negative relationship between the price and the quantity demanded, that is when the price rises the demand will decrease and vice versa.
The data plots does not fall on one demand curve, this is because the data plots are spread over a wide range of area and there can be many demand curves as shown by the figure below.
All the data plots cannot be
in the same demand curve since the data plots are not in the same
direction. There can be many demand curve and the slopes of the
demand curve may vary due to the direction of the data
plots.
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