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Calculate an imaginary demand schedule for an individual consumer which is paradoxical to the law of demand.

Asked by Topperlearning User 25th April 2016, 9:33 AM
Answered by 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

 

Answered by Expert 25th April 2016, 11:33 AM
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