Question

Complete the following market demand schedule. 

Hint:

Market demand is the total quantity of a good or service demanded by all consumers in the market at various prices. It's calculated by summing up individual demands at each price.

Answer 1

We are given the demand schedule for three consumers (A, B, and C) for a product at various prices, and we need to calculate the market demand, which is the sum of the individual demands at each price level. The market demand schedule is calculated as follows: \[ \text{Market Demand} = \text{Demand by Consumer A} + \text{Demand by Consumer B} + \text{Demand by Consumer C} \] The table below shows the completed market demand schedule: \[ \begin{array}{|c|c|c|c|c|} \hline \text{Price (Rs/kg)} & \text{A (kg/month)} & \text{B (kg/month)} & \text{C (kg/month)} & \text{Market Demand (kg/month)} \\ \hline 10 & 2 & 6 & 8 & 16 \\ 8 & 4 & 9 & 10 & 23 \\ 6 & 6 & 11 & 12 & 29 \\ 4 & 8 & 14 & 15 & 37 \\ \hline \end{array} \] For each price level, we sum the individual demands to get the market demand. For example, at a price of Rs 10 per kg, the total market demand is \(2 + 6 + 8 = 16\) kg per month.