Concept and 2 types of Demand schedule

Last time we discussed the 8 factors affecting demand. Let us today discuss the Concept and types of Demand schedule. 

Demand schedule is the tabular presentation showing the relation between quantity demanded and price of the commodity.

It is of two types:

  • Individual demand schedule
  • Market demand schedule
  • Let us discuss them:

  1. Individual demand schedule: It refers to the demand schedule of an individual consumer of a commodity in the market. It is the tabular presentation showing the relation between quantity demanded and price of the commodity, which an individual buys.

    The below table shows that “Price of good X” versus “quantity demanded”.  You can see from table that lesser the price of good X more the quantity is demanded. First row shows that when price is say 1 then demanded quantity is 4 and last row shows vice versa.

    Price of good X Quantity demanded
    1 4
    2 3
    3 2
    4 1

    2. Market demand schedule: It refers to the demand schedule of all the consumer of a commodity in the market. It is the tabular presentation showing the relation between quantities demanded and price of the commodity, which all the consumers in the market buy. The table below shows that lesser the price of good X, more will be the marker demand.

    Price of good X Quantity demanded by A Quantity demanded by B Market demand
    1 4 5 4+5=9
    2 3 4 3+4=7
    3 2 3 2+3=5
    4 1 2 1+2=3

     This is all about concept and types of demand schedule.

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