Demand schedule is a table of statement showing how much of a commodity is demanded in a particular market at different prices. Demand is always linked to price. it changes as prices change. If price falls, large quantity is purchased. If it rises, a smaller amount is bought.
The demand schedule of an individual for a commodity is a list of the different amounts of the commodity that he will buy at different prices. The following is an imaginary demand schedule of a consumer of pencils:
|Price of Pencils ($)||Quantity Demanded|
It is clear from the schedule that when the price of pencils is $ 6 per pencil, our imaginary consumer has a demand for 3 pencils. When the price falls to $ 2 per pencil, he buys 12 pencils and so on. With a fall in price the demand for pencils extends. Thus, a demand schedule is nothing but the law of demand represented.SUBMIT ASSIGNMENT NOW!