derieve demand curve from theindividual demand curve use scedule and disgramp
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ANSWER :
NOTES ARE IN ATTACHMENT ...
FEW DETAILS FOR DEMAND CURVE ...
Demand means desire/want for something..
But in Economics , Demand refers to effective demand i.e the amount or Quantity in which consumer are willing and able to purchase a commodity at an alternative price during a given period of time and at given price .
DEMAND IN ECONOMICS HAS TWO COMPONENTS :
(1) Individual demand
(2) Market demand
Individual demand : It refers to want for quantity of commodity by only one person in the market
Market demand : It refers to want for quantity of commodity by many people in the market .
BOTH INDIVIDUAL AND MARKET DEMAND HAS TWO FURTHER COMPONENTS :
(1) Individual demand schedule
(2) individual demand curve
(1) Market demand schedule
(2) Market demand curve .
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Schedule means table to show different quantity at different prices
Curve is the graphical representation of schedule .
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