Demand Schedule

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Topics

  • Individual Demand Schedule
  • Market Demand Schedule

Notes

Demand Schedule :

Demand schedule is a tabular representation of the functional relationship between price and quantity demanded for a particular commodity.  A demand schedule may be either individual demand schedule or market demand schedule.

Individual Demand Schedule :

Individual demand is the quantity of a commodity demanded by a consumer at a given price during a given period of time. Individual demand schedule is a tabular representation showing different quantities of commodities that an individual consumer is prepared to buy at various prices over a given period of time.
This can be explained with the help of the following individual demand schedule. 

Individual demand schedule :

Table shows different quantities of  commodity ‘x’ purchased by an individual consumer at various prices. It can be observed that less quantity of commodity is demanded at rising prices and more quantity of commodity is demanded at falling prices. It indicates an inverse relationship between price and quantity demanded.

Market Demand Schedule :

Market demand is total demand for a commodity from all the consumers at a given price during a given period of time.  Market demand schedule is a tabular representation showing different quantities of commodity which all consumers are prepared to buy at various prices over a given period of time. It is obtained by a horizontal summation of the demand of all consumers at various prices. It also indicates an inverse relationship between price and quantity demanded. This can be explained with the help of following market demand schedule.  

Table shows different quantities of  commodity x purchased by different consumers (A, B, C) at various prices. It can be observed that less quantity of commodity is demanded at rising prices and more quantity of commodity is demanded at falling prices. Thus, there is an inverse relationship between price and quantity demanded.

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