Solution-Explain how the law of demand works

Explain how the law of demand works

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Reference no: EM133067229

GRAPHICAL ILLUSTRATION (Graph and Explanation)

TABLE 1

Graph the given table below and explain how the Law of Demand works.

DEMAND SCHEDULE FOR PORK

PRICE PER UNIT (IN PESOS)	QUANTITY DEMANDED (IN KG., THOUSAND)
160	20
150	30
140	40
130	50
120	60
110	70
100	80
90	90
80	100

TABLE 2

Graph the data given in the table below and explain how the Law of Supply works.

SUPPLY SCHEDULE FOR TOMATOES

PICE PER UNIT (IN PESOS)	QUANTITY SUPPLIED (IN KG., THOUSANDS)
15	500
20	600
25	700
30	800
35	900
40	1000
45	1100
50	1200
55	1300
60	1400

TABLE 3

Graph the given table below to show the equilibrium between demand and supply. Explain the price equilibrium below the graph.

SUPPLY AND DEMAND SCHEDULE FOR RICE

PRICE PER KILOGRAM (IN PESOS)	QUANTITY SUPPLIED (IN KILOGRAMS) THOUSANDS	QUANTITY DEMANDED (IN KILOGRAMS) THOUSANDS
16	20	120
18	30	110
20	40	100
22	50	90
24	60	80
26	70	70
28	80	60
30	90	50
32	100	40
34	110	30
36	120	20

Reference no: EM133067229

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Explain how the law of demand works

Reference no: EM133067229

Reference no: EM133067229

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