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Economics 1

The concept of Demand

takriban dakika 1 kusoma

Mada za sehemu hiiTheory Of Demand And SupplyMada 6
  1. The concept of Demand
  2. The law of Demand
  3. Elasticity of Demand
  4. concept of supply
  5. The law of supply
  6. Elasticity of supply

Demand

Demand refers to the quantity of the goods and services consumers are able and willing to purchase at the prevailing price in a given period of time.

According to Bober "By demand we mean the various quantities of a given commodity or service which consumers would buy in one market in a given period of time at various prices or at various incomes, or at various prices of related goods."

From the point of view of the seller, the demand price is the average revenue (revenue per unit) or income he expects to earn from the sale of a unit of a commodity. Thus, demand price is identical with average revenue (AR). That is why, the demand curve is also drawn as the AR curve.

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