Demand
Demand
Demand
DETERMINANTS &
TYPES
Demand
Demand:
Demand for a commodity refers to the quantity of the
commodity which an individual consumer or a
household is willing to purchase per unit of time at a
particular price.
The definition for demand implies:
Desire of the commodity to buy the product
His willingness to buy the product
Sufficient purchasing power in his possession to
buy the product.
Advertisement:
Expectations:
QdX
Px,
Y
refers to the level of household income
P1.Pn-1
refers to the prices of all the other related products in economy
(related products include substitutes and compliments)
T
refers to the tastes of the consumers
A
refers to the advertising
Ey
refers to the expected future income
Ep
refers to all those determinants which are not covered in the above.