Question

Observe the given table and answer the questions below. \[\begin{array}{|c|c|c|c|c|} \hline \text{Price per kg in ₹} & \text{Consumer A} & \text{Consumer B} & \text{Consumer C} & \text{Market Demand (in Kg)} \\ \hline 35 & 5 & 10 & 15 & \boxed{} \\ \hline 30 & 10 & 15 & 20 & \boxed{} \\ \hline 25 & 15 & 20 & 25 & \boxed{} \\ \hline 20 & 20 & 25 & 30 & \boxed{} \\ \hline \end{array} \]
(a) Complete Market Demand Schedule.
(b) Draw Market Demand Curve Based on the Above Market Demand Schedule.

Hint:

Market demand is the sum of individual consumers' demands at each price level.
The market demand curve slopes downward, indicating the inverse relationship between price and quantity demanded.

Answer 1

Solution: (a) Complete Market Demand Schedule.
The market demand is obtained by adding the quantities demanded by each consumer at each price level.

Step 1: Add the demand of all consumers at each price level.
- At ₹35: Market Demand = \( 5 + 10 + 15 = 30 \) kg.
- At ₹30: Market Demand = \( 10 + 15 + 20 = 45 \) kg.
- At ₹25: Market Demand = \( 15 + 20 + 25 = 60 \) kg.
- At ₹20: Market Demand = \( 20 + 25 + 30 = 75 \) kg.

Final Answer: Complete Market Demand Schedule. \[ \begin{array}{|c|c|} \hline \text{Price per kg in ₹} & \text{Market Demand (in Kg)} \\ \hline 35 & 30 \\ \hline 30 & 45 \\ \hline 25 & 60 \\ \hline 20 & 75 \\ \hline \end{array}\] Solution for (b): (b) Draw Market Demand Curve Based on the Above Market Demand Schedule.

Step 1: Plot the Market Demand Points.
The points based on the market demand schedule are: - \( (35, 30) \) - \( (30, 45) \) - \( (25, 60) \) - \( (20, 75) \)

Step 2: Draw the Demand Curve .
The demand curve typically slopes downward, as it represents the negative relationship between price and quantity demanded.

Step 3: Graphical Representation (sketch, if required) .
If you were to draw this on a graph, the x-axis would represent the price per kg, and the y-axis would represent the market demand in kg. The curve would slope downward from left to right, showing that as the price decreases, the demand increases.

Final Answer: The graph will show a downward-sloping demand curve based on the points calculated above.