Relationship between price and quantity demanded

Reference no: EM1376375

Discuss the relationship in the price and quantity demanded in question four on a graph. Is the relationship direct or inverse? On the basis of your graph, estimate how much corn is likely to be demanded if the price is (a) $1.50, (b) $2.50 and (c) $3.50.

(Question 4: Assume that the quantity of corn demanded annually by U.S. consumers at each price of corn is as follows:
Price Quantity of Corn
1 2.0
2 1.0
3 0.5
4 0.4

Reference no: EM1376375

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