Statement I A rectangular hyperbola shaped demand curve has uniform slopes on all its points. Statement II If the price elasticity is equal to unity, the marginal revenue corresponds to zero.
1. A full account of the demand, or perhaps we can say the state of demands, for any good in given market at a given time should state what the volume of sales would be at each of a series of prices. Such an account taking the form of a tabulary statement, is known as a demand schedule.
b. Benham
2. Relationship between price and quantity bought is called the demand schedule.
c. Marshall
3. The greater the amount to be sold, the smaller must be the price at which it is offered in order that it may find purchasers, or in other words, the demand increases with a fall in price and diminishes with a rise in price.
d. Robinson
4. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price.
