Exercises · Q9
Q.Distinguish between individual demand and market demand. How is market demand derived from individual demands?
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Start your 14-day free trial to unlock the full solution →Individual demand is the quantity of a good a single consumer is willing and able to buy at various prices over a period. Market demand is the total quantity all consumers in the market will buy at each price.
| Basis | Individual demand | Market demand |
|---|---|---|
| Whose demand | One consumer | All consumers together |
| How obtained | Directly from the buyer's schedule | Horizontal summation of individual demands |
| Depends on | That buyer's income, tastes | All buyers' incomes, tastes AND the number of buyers |
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