explain the law of demand with the help of demand schedule
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- The Law of Demand states that when the price of a commodity falls, its demand increases and when the price of a commodity rises, its demand decreases; other things remaining constant.
- Thus, there exists an inverse relationship between price and quantity demanded of a commodity.
The functional relationship between price and quantity demanded can be represented as Dx = f(Px).
Demand Schedule
It is a statement in the form of a table that shows the different quantities in demand at different prices. There are two types of Demand Schedules:
- Individual Demand Schedule
- Market Demand Schedule
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