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Question
Suppose there are 3 consumers in a particular market: A, B and C. Their demand schedules are given in the following table. Prepare the market demand schedule.
Price (₹) |
Individual Demand (units) |
||
|---|---|---|---|
| A | B | C | |
| 1 | 60 | 30 | 70 |
| 2 | 40 | 25 | 65 |
| 3 | 32 | 18 | 50 |
| 4 | 25 | 15 | 30 |
| 5 | 18 | 0 | 22 |
Numerical
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Solution
Market demand is found by adding the demands of all consumers at each price.
| Price (₹) | Market demand (units) |
|---|---|
| 1 | 160 |
| 2 | 130 |
| 3 | 100 |
| 4 | 70 |
| 5 | 40 |
\[ D_M = D_A + D_B + D_C \]
\[ \begin{aligned} 60 + 30 + 70 &= 160\\ 40 + 25 + 65 &= 130\\ 32 + 18 + 50 &= 100\\ 25 + 15 + 30 &= 70\\ 18 + 0 + 22 &= 40 \end{aligned} \]
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