CBSE Class 12-commerce Answered
In a market, there are 20 consumers of a good and the
demand of each individual consumer is similar as given below:
Price
Demand
of each consumer
10
18
8
20
4
24
2
28
Calculate the market demand for the good.
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
Expert Answer
As the individual demand of each consumer is similar for 20 consumers, the market of the good can be calculated as follows:
|
Price |
Individual demand |
Market demand |
|
10 |
18 |
18 * 20 = 360 |
|
8 |
20 |
20 * 20 = 400 |
|
4 |
24 |
24 * 20 = 480 |
|
2 |
28 |
28 * 20 = 560 |
Answered by | 25 Apr, 2016, 11:33: AM
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