1 What Are the Demand Schedule and the Demand Curve and How Are They Related?
A demand curve and a demand schedule are fundamental tools used by economists to describe the relationship between the price of an item in the marketplace and the consumer demand for that item. In general, an increase in price is related to lower demand and a price decrease is related to increased demand. Conversely, increasing demand can lead to a rise in price and vice versa. Distinguishing a demand curve from a demand schedule is generally a straightforward matter.
Examine the information you have been asked to identify to determine whether it is in graphical or tabular format. A demand curve presents data as a graph, and a demand schedule lists data in table format.
Look for the characteristics of a demand schedule if you are reviewing data in table format. A demand schedule includes pairs of data points that identify the price for an item and the quantity of sales expected at that price. Price is often labeled "P" and quantity is labeled "Q," although other headings may be used as well.
Look for the characteristics of a demand curve if you are reviewing data in graphical format. A demand curve usually presents a smooth curve or straight line relationship between the price, shown on the Y axis (the vertical axis) and quantity on the X axis (horizontal).
Examine your data for combination presentations. A graph may include an embedded table of data, in which case, the item is both a demand curve and demand schedule.
Sarokin, David. "How to Distinguish Between a Demand Schedule & Demand Curve." Small Business - Chron.com, http://smallbusiness.chron.com/distinguish-between-demand-schedule-demand-curve-21626.html. Accessed 25 April 2019.