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Law of Demand & Elasticity of Demand
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Law of Demand & Elasticity of Demand
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Index What is demand? What influences demand? Types of demand Law of demand Change in Qty demanded vs Change in demand Elasticity of demand ~Price Elasticity ~Income Elasticity ~Cross Elasticity Š MeraSkill
Demand
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What is Demand? Desire Means Willingness -Means to purchase Expressed : given price given period of time
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Demand Definition Demand means the various quantities of a given commodity or service which consumers would buy in one market in a given period of time, at various prices, or at various incomes, or at various prices of related goods
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Summary What is demand? Desire, Means, Willingness Given Price and Time
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What Influences Demand?
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What Influence demand ● Price of Product ● Price of Related Products Complementary goods Substitutes/Competing goods ● Income of Household ● Taste & Preference of Consumer ● Other factors © MeraSkill
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