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Individual and market demand schedule
The plan of the possible quantities that will be demanded at different prices by an individual is called Individual demand schedule. Such a demand schedule is purely hypothetical, but it serves to illustrate the First Law of Demand and Supply that more of a commodity will be bought at a lower than a higher price.
Price (Kshs) Quantity demanded per week
20 3
18 3½
16 4
14 5
13 6
12 7
11 8
10 9
Table 1: The individual demand schedule
Theoretically, the demand schedule of all consumers of a given commodity can be combined to form a composite demand schedule, representing the total demand for that commodity at various prices. This is called the Market demand schedule.
Price (in KShs) Quantity demanded (per week)
20 100,000
18 120,000
16 135,000
14 150,000
13 165,000
12 180,000
11 200,000
10 240,000
9 300,000
8 350,000
Table 2: The market demand schedule.
These prices are called Demand Prices. Thus, the demand price for 200,000 units per week is KShs 11 per unit.
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