# Demand Schedule - Types of Demand Schedule

### Demand Schedule:

Demand schedule is a table that shows the relationship between the prices and quantities of commodity demanded.

This table shows the exact number (quantity) of goods or services that will be bought at each price. An understanding on the concept of demand will prove useful on this topic.

### Types of Demand Schedule

Demand Schedule are of two types. These are:

#### 1. Individual Demand Schedule

The individual demand schedule is a table that shows the demand of a commodity that an individual (consumer) purchased at various prices, and at a particular time.

The table below shows an individual demand schedule:

 Price in Naira (of a tuber of yam) Quantity demanded (per week) 500 5 400 10 300 15 200 20 100 25

Notice that when the price of yam was 500 Naira, the consumer demanded 5 quantities; and when the price was 100 Naira, 25 tubers of yam were demanded.

A graphical representation that shows an individual demand schedule is termed Individual Demand Curve.

The graph below shows an Individual Demand Curve:

On the Individual Demand Curve, the quantity demanded is represented on the horizontal x-axis while the price of the commodity is represented on the vertical y-axis.

#### 2. Market demand schedule

The market demand schedule is also referred to as an aggregate demand schedule, total demand schedule or composite demand schedule.

This is a table that shows the different commodities purchased by all the consumers or customers in the market.

The market demand schedule is the summation of the individual demand schedules.

It shows the demand of different customers for a commodity at a particular price.

Below is a table that shows the Market Demand Schedule:

 Unit price of commodity (Naira) Quantity demanded by consumer A (QA) Quantity demanded by consumer A (QB) Market demand (QA +  QB) 50 20 15 35 40 40 30 70 30 60 45 105 20 80 60 140 10 100 75 175

Notice that when the unit price of the commodity was 50 Naira, consumer A demanded 20 quantities while consumer B demanded 15 quantities.

The market demand is the summation of quantity demanded by consumer A and consumer B; and it had a value of 35, that is: 20 + 15 from the quantities demanded by consumers A and B at 50 Naira.

The graph below shows the market demand schedule:

You will observe from the above market demand curve (graph) that the market demand for the product (book) is the sum of Joan's Individual Demand (3) and Edwards Individual Demand (1). The summation of both individual demand gives us a value of 4 and that's the market demand. To this end, the value of 4 is plotted as the quantity demanded (at the horizontal x-axis) against price (at a value of 20) in the vertical y-axis as displayed in the 3rd market demand curve.

Market, Aggregate, Total or Composite Demand Curve is a graphical representation that shows the Market demand schedule.

The x-axis of this graph shows the market demand of a commodity while the y-axis shows the price of the commodity.

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