Question

Aims and objectives of the responsiveness of the demand for commodity

Answer 1

Answer:

In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.The relationship between price and quantity demanded is also known as the demand curve. Preferences which underlie demand, are influenced by cost, benefit, odds and other variables.

Answer 2

Aims and objectives of the responsiveness of the demand for commodity:

• The demand for a commodity arises when consumers want to buy the commodity at various prices during a given ‘period of time’.  

• Forecasting on the demand for a commodity helps the organizations in fulfilling their objectives and move forward with the commodity in the markets for achieving their goal.  

• It is assumed that the consumer’s income, desire, taste, and prices remain the same.

• The ‘demand for a commodity’ is expressed through the relationship between the demand for the commodity and the different factors that affect the demand.  

• It gives the demand for the product a given ‘period of time’. The demand for a commodity is normally affected by the price, taste, income of the person, desire and other factors related to the commodity.

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