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Unit 2, Cross Elasticity of Demand, Income elasticity of demand, Demand is…
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Demand is driven by
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“Demand" is the desire, ability accompanied by the willingness to pay
Law of Demand
Law of demand: The demand for goods increases when its prices decreases and it falls when the price of the good rises, other things being equal
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Law of Supply
Supply is the quantity of goods that a seller is able & willing to sell at different prices to his customers
Law of Supply states that, as the price of a goods increases, supply also increases and vice versa, all things being equal.
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Market Equilibrium
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Equilibrium is a condition in which quantity demanded is equal to the quantity supplied at the price called equilibrium price.
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DEMAND FORECASTING
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According to Evan J. Douglas, “Demand estimation (forecasting) may be defined as a process of finding values for demand in future time periods.”
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