Answer to Question #114016 in Microeconomics for Chioma

Question

Using appropriate tables and diagrams,distinguish clearly between demand, individual demand schedule and demand curve, and market demand schedule and market demand curve

Answer 1

Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.

Individual demand schedule is a set of prices and corresponding quantities demanded for particular consumer.

Demand curve is a graphical representation of the demand using the demand schedule.

Market demand schedule and curve are the same definitions as above but for all the consumers of the market.