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.
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.
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