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Question
Explain the following concepts or give definitions.
Demand
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Solution
Demand for a commodity refers to the quantity of a commodity that a consumer is willing and is able to purchase at a particular price at any particular point in time. For example, a consumer demands 2 kg sugar at Rs 10 per kg and 3 kg sugar at Rs 8 per kg.
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| (2) | Decrease in demand | (b) | Perfectly Elastic Demand |
| (3) | Ed = ∞ | (c) | Increases in the income of the consumer |
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