Question

What is individual demand ?​

Answer 1

Answer:

Individual demand

Individual demand refers to the demand for a good or a service by an individual (or a household). Individual demand comes from the interaction of an individual's desires with the quantities of goods and services that he or she is able to afford.

Answer 2

Answer ⤵

Individual demand refers to the demand for a good or a service by an individual (or a household). Individual demand comes from the interaction of an individual's desires with the quantities of goods and services that he or she is able to afford.

✰ More to know ✰

What is individual demand function?

• Individual demand function refers to the functional relationship between demand made by an individual consumer and the factors affecting the individual demand.

• It shows how demand made by an individual in the market is related to its determinants.

How do you calculate individual demand?

• To get the market demand, we simply add together the demands of the two households at each price.

• For example, when the price is $5, the market demand is 7 chocolate bars (5 demanded by household 1 and 2 demanded by household 2).

hope it's helpful