Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
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.
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
the table shows gasoline rates in US
NATIONAL DEBT Taxation does not often raise sufficient revenue for the Government Expenditure. So, governments resort to borrowing. This government borrowing is called Publi
what are the limitation of managerial economics and what is the solution of it?
Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2
Question 1: (a) Describe the argument that market entry erodes profits in the long run. (b) Give some reasons and discuss possible strategies used for profits to persist eve
a) In 1948, the money GNP was $520 billion and the price index was 120. In order to make the 1948 GNP comparable with the base year, the 1948 GNP must be adjusted to:
QUESTION 1 Negotiating skills remain a critical capability for procurement practitioners. Skilled negotiators have the potential to improve the negotiating outcome. Procurers o
NATIONAL INCOME AND WELFARE The relationship between National Income and Welfare is best explained in terms of economic growth (By economic growth is meant capacity expansio
is Indian companies running a risk by not giving attention to cost cutting?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd