The basic characteristic of demand for a normal good is that the quantity demanded is indirectly or inversely related to the price. This characteristic is reflected in a demand schedule. A demand schedule is a table that shows various quantities of a commodity bought at various prices in a particular market over a period of time.

Types of demand schedule

There are two types of demand schedule namely, individual demand schedule and a market or composite demand schedule.

Individual demand schedule: It is a table which shows the prices and quantities of a commodity bought in a particular market, by a consumer at a particular time.

Market demand schedule: It. Is a table which shows the prices and quantities of a commodity bought in a particular market, by all consumers at a particular time.

A market or a composite demand schedule can be calculated by adding up all. Goods demanded by all consumers of a product in a particular market at a particular time.

 The table below shows the quantity demanded of a good (rice) at various prices over a one week Period of time for three different consumers that make up the market.

Table shows that as price decreases from 5000 CFA to 1000 CFA per-kg, the quantity demanded per week increases from 60 to 442kg. Similarly, if the price reduces from 3000FCFA, per kg to 1000CFA a kg, the quantity demanded increases from 200 to 442kg a week. This inverse relationship between price and quantity demanded illustrates the first law of demand.

The market is made up of various individuals. The market demand for a product is a horizontal summation of the different individual demand as shown above.

                              DEMAND CURVE

 Definition and plotting a demand curve

        A demand curve is a graphical representation of the data from a demand schedule.

For example, if we take the case of market demand schedule on table above, the curve will be illustrated as follows;

         The demand curve is a line which slopes downward from left to right showing that at higher prices, less quantity of goods and services are demanded and at lower prices, more quantity is demanded. In this case, the demand curve has a negative slope or gradient I. e. price and quantity demanded move in opposite direction. The demand curve illustrates that more is demanded at a lower price than at a higher price reflecting the first law of demand and supply which states that "everything being equal, the lower the price of the good, the higher the quantity demanded and the higher the price, the lower the quantity demanded”