CBSE Class 12-commerce Answered
Calculate an imaginary demand schedule for an individual
consumer which is paradoxical to the law of demand.
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
Expert Answer
According to the law of demand, other things being equal, the demand for good increases with a fall in price and the demand diminish with a rise in price. But if there is appositive correlation between price and quantity demanded, then it is paradoxical to the law of demand. The following demand schedule represents this situation:
Price |
Individual demand |
4 |
18 |
6 |
20 |
9 |
26 |
15 |
30 |
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