Question

distinguish between
a] individual demand and market demand.
b] change in demand and change in quantity demand

Answer 1

Individual Demand

The individual demand is the demand of one individual or firm. It represents the quantity of a good that a single consumer would buy at a specific price point at a specific point in time. While the term is somewhat vague, individual demand can be represented by the point of view of one person, a single family, or a single household.

Market Demand

Market demand provides the total quantity demanded by all consumers. In other words, it represents the aggregate of all individual demands. There are two basic types of market demand: primary and selective. Primary demand is the total demand for all of the brands that represent a given product or service, such as all phones or all high-end watches. Selective demand is the demand for one particular brand of product or service, such as the iPhone or a Michele watch. Market demand is an important economic marker because it reflects the competitiveness of a marketplace, a consumer’s willingness to buy certain products and the ability of a company to leverage itself in a competitive landscape. If market demand is low, it signals to a company that they should terminate a product or service, or restructure it so that it is more appealing to consumers.

Answer 2

Answer:

Distinguish between

a] Individual Demand and Market Demand

Individual Demand :-

Individual Demand refers to to the quantities of a commodity that an individual consumer is willing to purchase at various prices during a given period of time.

Market Demand :-

Market Demand refers to the total quantities of a commodity that all the households are willing to buy at various prices during a given period of time.

b] Change In Demand and Change In Quantity Demand

Change In Demand :-

When the amount purchased of a commodity rises or falls because of change in factors other than the own price of the commodity it is called as change in demand. It is also called as "Shift in the demand curve."

Change In Quantity Demanded :-

When the amount demanded of a commodity changes (rises or falls) as result of change in its own price, while other determinants of demand (like Income, tastes and preferences of related goods) remain constant, it is known as change in the quantity demanded. It is also called as "Movement along the demand curve."

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