Question

define demand state the factors affecting demand for a commodity by a consumer?​

Answer 1

Answer:

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✈︎☯︎ Demand is the number of goods that the customers are ready and able to buy at several prices during a given time frame. The association between price and quantity demanded is also called a Demand curve. Preferences and choices, which are the basics of demand, can be depicted as the functions of cost, odds, benefit and other variables.

✈︎☯︎ The amount of a good that the customer picks up modestly, relies on the cost of the commodity, the cost of other commodities, the customer’s earnings and his or her tastes and proclivity. The amount of a commodity that a customer is ready to purchase and is able to manage and afford, provided prices of goods and customer’s tastes and preferences are known as demand for the commodity.

✈︎☯︎ In our daily life, we often see that a consumer’s preferences for product change according to their preferences, income, and the prices of the goods or prices of other goods.

Here, the demand of a product can be defined as the quantity of a product that a consumer is eager to purchase, can afford at a given price, and is according to his/her preferences and taste. Whenever there is a change in any of those variables than the demand and supply of a product starts changing.

Answer 2

Answer:

5. Miscellaneous Questions and Reference to the Text for Answers

A. Questions of 3 & 4 marks each

1. Define demand. State the factors affecting demand for a commodity by a consumer. [Page 104, 108-110)

2. Explain the law of demand with the help of a demand schedule. [Page 111, 112)

3. Why does demand curve of a normal good slope downward from left to right? [Page 113]

4. Define increase in demand. What causes increase in demand? [Page 117, 118]

5. Define decrease in demand. What causes decrease in demand? [Page 119, 120]

6. State the determinants of the market demand curve. [Page 108-111)

7. Distinguish between normal good and inferior good. [Page 110]

8. Distinguish between substitute good and complementary good. [Page 109]

9. Distinguish between 'change in demand' and 'change in quantity demanded'. or Distinguish between 'movement along a demand curve' and 'shift in demand curve'. (Page 120]

10. Distinguish between extension of demand and contraction of demand. [Page 116, 117)

11. Distinguish between individual demand and market demand. [Page 105]

12. Distinguish between individual demand schedule and market demand schedule. [Page 105]

13. How is the market demand curve derived from the individual demand curves? [Page 106, 107)

14. Define market demand. State the law of demand and the assumption behind it. (Page 105, 111, 112)

15. Explain the effect of increase in income of the consumer on the demand for a good. (Page 125, 126)

16. Explain the effect of rise in the prices of related goods on the demand for a good. [Page 121-124)

17. What is the relation between Good-X and Good-Y in each case, if with fall in the price of Good-x demand for Good-Y (1) rises, and (ii) falls? Give reason. [Page 121-124)