Demand Economics - Demand

Who has presented law of demand?

Which one has no relation with demand curve?

What is the movement of demand curve when demand expands?

Which kind of commodities are called complementary commodities?

What is the relationship between price and demand?

Why is the law of demand called as conditional law?

In which situation does demand decrease or increase?

When is there possibility of expansion – contraction of demand?

What is cross elasticity of demand?

What is income elasticity of demand?

State the names of methods to measure price elasticity of demand.

Which commodities are called prestigious commodities?

What is price elasticity of demand?

What is market demand?

What is individual demand?

Explain the exceptions to the law of demand.

Explain income elasticity of demand.

Explain expansion and contraction of demand along with diagram.

Define income effect and substitution effect.

Explain the concept of Giffen goods.

Explain law of demand with the help of schedule and diagram.

Define demand and explain factors affecting demand.

Difference between expansion-contraction and increase-decrease in demand :

Explain the difference between increase-decrease and expansion-contraction in demand.

Answer the questions based on the figure provided below.

(1) What is the price when the demand for milk is 1 liter?
(2) What is the demand for milk when the price is 30 rupees?
(3) What is the relationship between the demand for milk and its price?
(4) If the price is increased from 50 rupees to 40 rupees, how much will the demand for milk change?
(5) If the demand for milk is reduced from 5 liters to 3 liters, how much will the price change?