Question

Show a schedule of market demand by considering 2 individual demands​

Answer 1

Answer:

Individual demand is influenced by an individual's age, sex, income, habits, expectations and the prices of competing goods in the marketplace. Market demand is influenced by the same factors, but on a broader scale – the taste, habits and expectations of a community and so on.

Explanation:

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Answer 2

Answer:

must have an idea of total demand for a good (say carrots) from all consumers.

To arrive at the market demand we add together the demands of all individual consumers.

The Derivation of a Market Demand Curve. The Market Demand Curve is the Horizontal Sum of the Demand Curves for all of the Consumers in the Market

For the purpose of illustration let us take a simple case where there are only two consumers, Mr. X and Mr. Y. We have already examined the nature of the demand curve of Mr. X. We give the same information in column (ii) in Table 3.2 and Fig. 3.2 (i), adding Mr. Y’s demand schedule in column (ii) of the table, and putting his demand curve along side Mr. X’s in Fig. 3.2(ii).

Table 3.2: Individual and Market Demand Sche­dules of Carrots

Quantities Demanded

Market Demand Schedule:

We may first deal with the market demand schedule. This is obtained by adding the quantity demanded of Mr. X and Mr. Y at each price. We thus arrive at a total quantity demanded in column (iv). Since Mr. Y likes carrots more than Mr. X, we see that when price is between Rs. 2.50 and Rs. 3.50 per kg., only Mr. Y buys them. Since Mr. Y is then the only buyer in the market, the market demand schedules is the same as that of Mr. Y, at these high prices.