Demand Schedule
The law of demand can be explained through a demand schedule. A demand schedule is a series of quantities that consumers would like to buy per unit of time at different prices. To explain the law of demand, an imaginary demand schedule for tea is given in Table below. It demonstrates seven alternative prices and corresponding quantities (number of cups of tea) demand per day. Every price has a unique quantity demanded, associated with it. As the price per cup of tea decreases, daily demand for tea increases, in accordance with law of demand.
|
Price per Cup of Tea (Rs.)
|
No. of Cups of Tea Demand
per Consumer per Day
|
Symbols representing per
Price-Quantity Combination
|
|
8
|
2
|
A
|
|
7
|
3
|
B
|
|
6
|
4
|
C
|
|
5
|
5
|
D
|
|
4
|
6
|
E
|
|
3
|
7
|
F
|
|
2
|
8
|
G
|