Question

Derive a market demand from two hypothetical Individual demand schedule.​

Answer 1

Explanation:

Individual Demand Schedule:

Individual demand schedule refers to a tabular statement showing various quantities of a commodity that a consumer is willing to buy at various levels of price, during a given period of time. Table 3.1 shows a hypothetical demand schedule for commodity ‘x’.

Table 3.1: Individual Demand Schedule

Price. (in Rs.) Quantity Demanded of commodity x (in units)

5 1

4 2

3 3

2 4

1 5