Category: 2. Demand Analysis

What is Demand Function? Demand function represents the relationship between the quantity demanded for a commodity (dependent variable) and the price of the commodity (independent variable). Table of Content [Show] Demand Function Formula Mathematically, a function is a symbolic representation of the relationship between dependent and independent variables. Let us assume that the quantity demanded of a…

What is Demand Curve? In economics, Demand curve is a graphical presentation of the demand schedule. It is obtained by plotting a demand schedule. The demand schedule can be converted into a demand curve by graphically plotting the different combinations of price and quantity demanded of a product. Table of Content [Show] Also Read: What is Demand in Economics? Types of Demand Curve…

What is Demand Schedule? Demand schedule is a tabular representation of different quantities of commodities that consumers are willing to purchase at a specific price and time while other factors are constant. Table of Content [Show] Demand Schedule Definition A full account of the demand, or perhaps we can say, the state of demand for any goods…

What is the Law of Demand? The law of demand is given as, “If the price of a product falls, its quantity demanded increases and if the price of the commodity rises, its quantity demanded falls, other things remaining constant.” Table of Content [Show] Law of Demand Example Demand Example: Take the example of an individual, who needs…

What are Determinants of Demand? Determinants of demand are the factors that influence the decision of consumers to purchase a product or service. It is essential for organisations to understand the relationship between the demand and its each determinant to analyse and estimate the individual and market demand for a commodity or service. The quantity demanded…

Types of Demand: Price demand | Income demand | Cross demand | Individual and Market demand | Joint demand | Composite demand | Direct and Derived demand What is Demand? Demand refers to the willingness or effective desire of individuals to buy a product supported by their purchasing power. In economics, Demand is generally classified based on various factors, such as the number of consumers for a given product, the nature…

What is Demand in Economics? Demand in Economics is an economic principle can be defined as the quantity of a product that a consumer desires to purchase goods and services at a specific price and time. Factors such as the price of the product, the standard of living of people and change in customers’ preferences influence the…