Explain the essential elements of demand
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Demand may be defined as the quantity of a commodity that a consumer is able and willing to buy, at each possible price, over a given period of time. Essential elements of demand are Quantity, Ability & Willingness, Prices and period of time.
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Explanation:
The Law of Demand states that when the price of a commodity falls, its demand increases and when the price of a commodity rises, its demand decreases; other things remaining constant. Thus, there exists an inverse relationship between price and quantity demanded of a commodity. The functional relationship between price and quantity demanded can be represented as Dx = f(Px). Now let us discuss the Demand Schedule in detail.
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