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:
Demand schedule
| Price of Pencils ($) | Quantity Demanded |
| 6 | 3 |
| 5 | 4 |
| 4 | 6 |
| 3 | 9 |
| 2 | 12 |
| 1 | 18 |
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!