a) Elaborate on the concepts of Demand Schedule and Demand Curve, is there any relationship between them? What is reason behind the downward slope of demand curve?
a) Elaborate on the concepts of
b) Following are the
Price Quantity Demanded Quantity Supplied
Rs.400 130 burgers 30 burgers
500 100 50
600 80 80
700 60 90
800 50 100
900 40 120
i. Graph the demand and supply curves. What are the
ii. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?
iii. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
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