Theory of Demand, Law of Demand Homework Help, Demand Curve

Definition of Theory of Demand

Demand refers to the range of quantities of the commodity, to which a consumer is willing/able to buy at different price levels at a given time period.

Law of Demand

Definition :  If all other things stay constant (ceteris paribus), the more the price, the lower will be the quantity demand and vice versa.

Individual Demand and Schedule Curve

The table drawn below is the demand schedule, which lists the quantity of the commodity which would be demanded at the various price levels with the given income. It shows the relationship between quantity demand and price.

Price($)

Quantity Demanded

60

50

40

30

20

10

0

1

2

3

4

5

189_demand curve.png

 

The demand curve is the graphical representation of data in the demand schedule. It slopes downwards from left to right indicating that the quantity demanded increases as price decreases.

Market Demand Schedule and Curve

Market demand is the total demand of all the consumers for a particular product. It can also be derived by the lateral summation of the consumers' demand curves.

 

Price

($)

Quantity Demanded

Market

Demanded

Buyer A

Buyer B

80

70

60

50

40

30

20

10

0

0

0

1

2

3

4

5

2

3

4

5

6

7

8

9

2

3

4

6

8

10

12

14

1307_market demand curve.png

 

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