Question

Identify & explain the concept from the given illustration.

Kaushik purchased 10 kgs of wheat for his monthly consumption at ₹ 40/- per kg.

Answer 1

Concept: Individual demand

Explanation:

1. Individual demand is the quantity of a commodity demanded by an individual consumer at a given price during a given period of time. 
2. Since Kaushik purchased 10 kgs of wheat at  ₹ 40/- per kg for his own monthly consumption, this illustration is related to the concept of ‘individual demand’.