By Aman sha
Concept of demand : Demand for a commodity is the quantity demand of that commodity which a consumer is willing and able to buy at the given price during the given period of time.
Demand
• Desire for the commodity
• Ability to buy
• Willingness to pay for it
• At the given price
• In the given time
Quantity demand
Quantity demand is a special quantity of that commodity which a consumer is willing and able to buy at the given price during the given period of time.
Market demand
Market demand is the quantity demand of a commodity in which all the buyers in the market are ready to buy at different possible price of the commodity during the given period of time.
Individual demand
Individual demand for a commodity is the quantity demand of that commodity, In which a individual Buy is ready to buy at different possible price of the commodity during the given period of time.
Determination of demand/ function of demand
Dx = f( Px , m , t , pl , t , pr )
Where
• Dx=Demand for commodity x’
• f=function
•Px=price of the commodity ‘x’
• m= money income of the consumer
• t= taste and preference of the
• pl= population
• t=time
• pr=price of related good
1 mark question
- what is demand ?
- what is market demand?
- name any two determination of demand?
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