Define market demand schedule.
Answers
In economics, a Market Demand Schedule is a tabulation of the quantity of a good that all consumers in a market will purchase at a given price. Generally, there is an inverse relationship between the price and the quantity demanded. The graphical representation of a demand schedule is called a demand curve. The market demand curve is the summation of all the individual demand curves in a given market. It shows the quantity demanded of the good by all individuals at varying price points. To determine the market demand curve of a given good, you have to sum all the individual demand curves for the good in the market.
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Market Demand Schedule refers to the table showing different quantities of a commodity that all the consumers in the market are ready to buy at the different possible prices of the same commodity.
Example: Suppose there are only two consumers in the market and following shows the market demand schedule:
Price of Demand of Demand of Market Demand
Apples(1) Consumer 1 (2) Consumer 2 (3) (2+3)
1 5 6 5 + 6 = 11
2 4 5 4 + 5 = 9
3 3 4 3 + 4 = 7
4 2 3 2 + 3 = 5
5 1 2 1 + 2 = 3
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