Question

Draw a demand curve with the help of a hypothetical individual demand schedule.

Answer 1

According to Samuelson: "Law of demand states that people will buy more at lower prices and buy less at higher prices, (ceteris paribus) other things remaining constant."
Demand Schedule: According to Prof. Marshall, demand schedule is a list of prices and quantities. If is a tabular statement of price-quantity relationship between two variables.

Prices of Oranges (Rs. per kg.)	Demand by consumer (in kg)
$15$	$2$
$12$	$3$
$9$	$4$
$6$	$5$
$3$	$6$

Demand Curves: The demand curve is a graphic statement or presentation of quantities of a commodity, which will be demanded by the consumer at various possible prices at a given period of time. Demand curve does not tell us the price. It only tells us how much quantity of goods would be purchased by the consumer at various possible prices.