This document discusses key concepts related to demand in microeconomics, including:
1. Demand refers to the desire and willingness to pay for a product. It is influenced by factors like income, tastes, substitutes, expectations, and number of consumers.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa. This inverse relationship is shown on a demand curve or schedule.
3. Elasticity of demand measures how responsive quantity demanded is to changes in price. Demand is more elastic if close substitutes exist or a product is a luxury versus necessity.
What is Demand?
Diff. bet Demand and quantity demand
Types of demand - Individual and Market
What is the Law of Demand?
Assumptions of Law of Demand
Why demand curve sloping downward?
Reasons for inverse relationship
Determinents of Demand
What is Band Wagon & Snob effect
The “Demand” for a commodity, at a given price, is the quantity of it which will be bought per unit of time at that price.
In economics, demand refers to the buying behavior of a household. When desire is backed by willingness and ability to pay for a good or service then it becomes Demand for the good or service.
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