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Presentation On Demand

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Published in: Economics
10,337 Views

Demand: its meaning, function and schedule

Shikha B / Patna

3 years of teaching experience

Qualification: B.A (Patna Women's College, Patna University - 2018), M.A (Nalanda Open University - 2021)

Teaches: Economics

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  1. DEMAND : MEANING, FUNCTION, AND SCHEDULE OF DEMAND
  2. Meaning of Demand Demand comes from the old french word "demander" meaning "ask, make enquiry". The demand for a commodity is consumer's desire to have it for which he/she is willing and able to pay. So, for a commodity to have demand, the consumer must possess: willingness to buy it, the ability to buy it, and it must be related to per unit of time.
  3. Demand Function The demand function for a commodity describes the relationship between the quantity demanded of it and the factors that influence it. Qd = f(Px, l, Pr, T, A) where, Px= price of the commodity income of the individual Pr= prices of related(substitutes and complementary) goods T= taste, and preferences of consumer A= advertising outlay Keeping other factors constant(ceteris paribus) Qd = f(Px)
  4. Demand Schedule Demand schedule is a tabular representation showing various quantities demanded at various levels of price. According to Proffessor 'Samuelson', "The table related to price and quantity demanded is called demand schedule," Concept of demand schedule comprises of: 1. Individual Demand Schedule 2. Market Demand Schedule
  5. Individual Demand Schedule The individual demand schedule represents the demand of one individual or firm, means the quantity demanded of a good that a consumer will buy at a specific price level at a specific point of time. Price of X 25 20 15 10 5 Quantity demanded of X 2 4 6 8 10
  6. Market Demand Schedule The market demand schedule is the horizontal addition of the demand curves of all individuals buying the commodity. In addition with the other determinants market demand is also influenced by the no. of consumers(N). Price of good Quantity (x) 50 40 30 20 10 demanded(A) Quantity demanded(B) 12 Quantity demanded(C) 11 Market demand (A+B+C) 12 18 23 32
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