What is the differene between change in quantity and change in demand.explain?
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Heya...
## Change in Quantity demanded ..
**MEANING...It refers to when the demand for a commodity is changed due to change in the own price of that commodity ..
** It's assumption...Other factors to affecting demand remains constant...
**It has two aspects...
1 Contraction ....When price of a commodity rises then according to law of demand it's demand falls thus here is the shortage of demand due to increase in price so it is contraction of demand....
2 Expansion .... When price of a commodity falls then it's demand increased because more people can afford it now ..So due to change in price here is expansion of demand...
## Change in Demand....
** MEANING ...It refers to shift in demand curve when the other factors causing demand changes....
** It's assumption ...Own price of that commodity remains constant and other factors Iike price of related goods. Tastes and Preferences changes in the favour of demand...
** Two aspects of this....
1 Increase in demand...When other than price all factors are in favour and on existing price demand of one commodity is shot up then it is increase in demand...
2 Decrease in demand.... When instead of price all other factors reduces the demand on existing price there is decrease in demand..
Hope it will be helpful...
## Change in Quantity demanded ..
**MEANING...It refers to when the demand for a commodity is changed due to change in the own price of that commodity ..
** It's assumption...Other factors to affecting demand remains constant...
**It has two aspects...
1 Contraction ....When price of a commodity rises then according to law of demand it's demand falls thus here is the shortage of demand due to increase in price so it is contraction of demand....
2 Expansion .... When price of a commodity falls then it's demand increased because more people can afford it now ..So due to change in price here is expansion of demand...
## Change in Demand....
** MEANING ...It refers to shift in demand curve when the other factors causing demand changes....
** It's assumption ...Own price of that commodity remains constant and other factors Iike price of related goods. Tastes and Preferences changes in the favour of demand...
** Two aspects of this....
1 Increase in demand...When other than price all factors are in favour and on existing price demand of one commodity is shot up then it is increase in demand...
2 Decrease in demand.... When instead of price all other factors reduces the demand on existing price there is decrease in demand..
Hope it will be helpful...
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