This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ...explained in the last chapter is formed out of a large number of individual demand schedules, and (2) that each individual demand schedule is in turn formed out of two " desirability " schedules. In the first place, then, what we have called the demand schedule is only an aggregate demand schedule. It ...
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1912 edition. Excerpt: ...explained in the last chapter is formed out of a large number of individual demand schedules, and (2) that each individual demand schedule is in turn formed out of two " desirability " schedules. In the first place, then, what we have called the demand schedule is only an aggregate demand schedule. It is for the whole market, and resolvable into constituent demand schedules, one for each particular person in the market. The total demand at any price is merely the sum of the individual demands at that price. For instance, let the following table represent the demand schedules for coal of two individuals distinguished as Individual No. I and Individual No. II, at prices of from $12 to $2 per ton: --Demand Schedules Peice No. INo. II ()Total (o ] 4) o) $12IOI 10202 83O3 64I5 S 527 4639 37411 2861 4 The table tells us that at a price of $12 a ton Individual No. I will take only one ton, and Individual No. II will not take any; that at a price of $6 a ton Individual No. I will take four tons, and Individual No. II will take one ton; and so on. The last column gives the sum of the demands of these two individuals. If we should extend such a table to include the demands of all the individuals in the community, we would obtain in the last column the total demand in the community. The total demand schedule is thus merely the sum of the individual demand schedules found by adding together all the individual amounts demanded at any given price. Behind the total demand schedule, therefore, are a number of constituent demand schedules. y 1 7 6 J KS is S 4 3dr)sn yVvs S %s, ri 2 1 rt'H Oi a 3 4 s6 7 a 9 10 j Mz 13 M-X'-F1G. 30. The same relation, of course, holds between total and individual demand curves. In Figure 30 let the curve dd represent...
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