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Demand-By Dhritiman, Mindmap of DEMAND- Pritika, Shreosi and Saavi, Demand…
Demand-By Dhritiman
What is demand?
This refers to the quantity of a commodity that a consumer is willing and able to buy, at each possible price at a given period of time
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Change in quantity demand Vs Change in Demand
- Change in Quantity Demand: Quantity refers to the specific quantity to be purchased against a specific price of a commodity, when.
- Change in Demand: Whenever demand for given commodity changes due to factors other than price
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Mindmap of DEMAND- Pritika, Shreosi and Saavi
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Definition of Law of demand: Law of demand states the inverse relationship between price and quantity demanded keeping the other factors constant (ceteris paribus).
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Demand - p
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Determinants of Demand
Market Demand
Demand Function: Dx=f(Px,Pr,Y,T,F,Po,S,D)
Individual Demand
Demand function: Dx=f(Px,Pr,Y,T,F)
Law of Demand states that the inverse relationship between Price and quantity demanded keeping other factors constant.
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