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What is Demand ?| Economics | CBSE

What is Demand?

Quantity of a commodity that a consumer is willing and able to purchase in a given period and at a given price. For example, a consumer demand 5 kg of sugar in a month for 40 Rs per kg. Demand is also mentioned as a sufficient Desire.


Two types of demand: 

Individual demand

The demand for an individual unit is termed as a particular demand. Example,

the direction of Sharma's household for milk price at 44 Rs per liter, if 50 liters per

month.

Market demand:

It means the total quantity of a commodity that all it's by are willing to purchase at

different price over a given period example demand of all the household for

milk price at 44 Rs Per liter is 20000 per month.

Demand function:

The functional relationship between the demand for a commodity and the factor affecting demand is termed as demand.

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