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Your task is to take this _______and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda demanded decreases. This confirms the _______ .

Respuesta :

Baraq

Answer:

1.  Demand Schedule

2.  Law Of Demand

Explanation:

A demand schedule in economics is a tabular representation that describes the quantity demanded of a good or service at different price levels.

In other words, demand schedule depicts the quantity or units of a good or service will be purchased at various price points.

On the other hand, the law of demand states that, given that, all things being equal, as the price of a good increases, quantity demanded decreases; and at the same time, as the price of a good decreases, quantity demanded increases.

Hence, it is can be concluded that, in this case, Your task is to take this DEMAND SCHEDULE and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda demanded decreases. This confirms the LAW OF DEMAND.

Chimara

Answer:

Given the data, a graphical representation of an increase in price of soda resulting in a decrease in quantity demanded of soda, ceteris paribus, is given below in the attachment.

Explanation:

This confirms the law of demand, which states that, all other things being equal, the higher the price of a commodity, the lower the quantity demanded of it.

Other things that are held equal or constant include:

- taste of the consumer

- income level of the consumer

- interest rate in the economy

- level of production or supply of the commodity; etc.

View attachment below, for the graph illustrating THE LAW OF DEMAND.

- DD represents the demand curve

- The vertical axis represents the prices

- The horizontal axis represents the quantities demanded

- The equilibrium point is also seen at D4.

Ver imagen Chimara

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