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THEORY OF DEMAND AND SUPPLY - Coggle Diagram
THEORY OF DEMAND AND SUPPLY
Learning Outcome. Student Should be able to :
Explain the meaning of :
Demand
Law of Demand
Market Demand
Construct a
Demand schedule
Demand Curve
Distinguish between a change in
Quantity demanded
Change in demand
Explain
The Market Supply
The Law of supply
Define and calculate
Elasticity of supply
Price elasticity of demand
Cross elasticity of demand
Income Elasticity of demand
Determine whether a price change will increase or decrease revenue using price elasticity
Introduction
Demand is
The ability and
willingness
to buy
specific quantities of goods
in a given period of time
at a particular price
assuming other factors remain constant
A mere desire or want for a product will not cause producers to produce the product
A persons wants must be followed by :
his ability to buy
For that product
Only then that desire is called a
demand
his willingness to pay