Relationship Between Price And Quantity Demanded Of A Commodity

Relationship in this context implies what happens to a variable (i.e., quantity bought) when the other (i.e., price) changes and vice versa. 

From the law of demand, it is observed that an inverse or negative relationship exist between price and quantity demanded of a product. That is “other things being equal, more of a commodity is bought by consumers at a lower price whilst less of the commodity is bought at a higher price”

Presentation of The Relationship Between Price And Quantity Demanded

To present the relationship between price and quantity bought, the following could be used.

• Demand schedule

• Demand curve 

• Demand function