Question
Explain Market Demand schedule with a suitable diagram.
✓
Answer
It refers to total demand for a commodity from all the consumers. It is total quantity of commodity demanded by different consumers at different prices during a given period of time.
Market Demand Schedule is a tabular representation of various quantities of a commodity demanded by different consumers at different prices during a given period of time.
This can be explained with the help of following schedule-
Market Demand Schedule is a tabular representation of various quantities of a commodity demanded by different consumers at different prices during a given period of time.
This can be explained with the help of following schedule-
The above market demand schedule shows an inverse relationship between price and market demanded of commodity ‘X’. At a high price of ₹10 per kg of commodity ‘X’, the market demand is only 30 kg and at a lower price of market demand rises to 90 kg of commodity ‘X’.
Market Demand Curve.
It is a graphical representation of market demand schedule X-axis represents quantity demanded (Market Demand) and Y-axis represents the price of the commodity. When the above market demand schedule is plotted on the graph, we derive the market demand curve ‘DD’, which slopes downward from left to right indicating inverse relationship between price and quantity demanded.
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