Annie's demand schedule for apples indicates.... a. Why she likes apples compared to other consumers. b....

Annie's demand schedule for apples indicates....

a. Why she likes apples compared to other consumers.

b. Her opportunity cost of purchasing apples.

c. How much she likes to consume apples.

d. How many units of apples she will actually buy.

Expert Solution

Demand schedule shows different demand for a product at different prices.

Most probably demand is downward sloping. But it can be parallel to X axis as well and parallel to Y axis too.

Demand schedule shows elasticity for that good.

That means, if price changes by 1%, quantity demanded will change by how much.

According to options here,

Option c, relates to the logic.

If She likes apples a lot then the % change in quantity will be very less if price increases. (low elasticity)

If She does not like apples much then the % change in quantity will be high if price increases. (high elasticity)

Rahul Sunny answered 2 years ago

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