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Answer the Following Question What Do You Mean by Demand? - Economics

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Question

Answer the following question

What do you mean by demand?

Solution

Demand for a commodity refers to various quantities of the commodity that a consumer is willing to purchase at various possible prices. For example, a consumer demands 2 kg sugar per week at Rs 10 per kg and 3 kg sugar per week at Rs 8 per kg. It must be noted that price of commodity and time are two important elements when referring demand.
Demand for a commodity has the following features.

  1. Utility derived from consumption of a commodity is the basis of demand.
  2. Price of commodity and time are two important elements in context of demand.
  3. Demand for a commodity is a relative concept.
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APPEARS IN

 Micheal Vaz Solution for Micheal Vaz Class 12 Economics (2019 to Current)
Chapter 3: Demand Analysis
Exercise | Q: 1 | Page no. 24

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Solution Answer the Following Question What Do You Mean by Demand? Concept: Demand.
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