Question

What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.

Short answer

The link between different milk prices and the quantity demanded at those prices is known as milk demand.

The quantity demanded of a product, in this case milk, refers to a certain point on the milk demand curve.

Step-by-step solution

Step 1. Define demand.

The quantity of a good that consumers are willing and able to buy at various prices during a particular period of time is known as demand.

Step 2. Difference between the demand and the quantity demanded of a product, say milk.

The relationship among a price range and the quantity sought at those levels is known as demand.

The link between different milk prices and the quantity demanded at those prices is known as milk demand.

Only one point on a demand curve or one quantity on a demand schedule is referred to as quantity demanded.

The quantity demanded of a product, in this case milk, refers to a certain point on the milk demand curve.

Step 3. Explain and show the difference on a graph with a demand curve for milk.

The downward sloping demand curve, which represents the quantity of milk demanded at various price levels, is depicted in the diagram below.

The $x-$axis indicates different price levels, whereas the $y-$axis shows the quantity demanded at these prices, as seen in the diagram.

The milk demand curve demonstrates an inverse relationships among various price ranges and the quantity demanded at these prices.

The quantity demanded is represented by the points $A,B,C$on the demand curve.