Question
What is meant by contraction of supply?
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Given below are the individual demand schedules of Maggi and Pasta. Derive market demand schedule and market demand curve (assuming market includes two buyers, Maggi and Pasta) from the following:
| Price (₹ per unit) | Maggi (Units) | Pasta (Units) |
| 5 | 4 | 6 |
| 4 | 5 | 7 |
| 3 | 6 | 8 |
| 2 | 7 | 9 |
| 1 | 8 | 10 |
| lncome | Number of Employees |
| Less than 2000 | 10 |
| 2000-10000 | 50 |
| More than 10000 | 5 |