Solution: (a) Complete Market Demand Schedule. The market demand is obtained by adding the quantities demanded by each consumer at each price level.
Step 1: Add the demand of all consumers at each price level.
- At โน35: Market Demand = kg.
- At โน30: Market Demand = kg.
- At โน25: Market Demand = kg.
- At โน20: Market Demand = kg.
Final Answer: Complete Market Demand Schedule. Solution for (b): (b) Draw Market Demand Curve Based on the Above Market Demand Schedule.
Step 1: Plot the Market Demand Points.
The points based on the market demand schedule are: - - - -
Step 2: Draw the Demand Curve .
The demand curve typically slopes downward, as it represents the negative relationship between price and quantity demanded.
Step 3: Graphical Representation (sketch, if required) .
If you were to draw this on a graph, the x-axis would represent the price per kg, and the y-axis would represent the market demand in kg. The curve would slope downward from left to right, showing that as the price decreases, the demand increases.
Final Answer: The graph will show a downward-sloping demand curve based on the points calculated above.