What is Demand ?| Economics | CBSE | The Encyclopedia | Lucky Ali Saifi

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What is Demand?



What is Demand?It is defined as the quantity of a commodity that is consumers are willing and
able to purchase in the market 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 also mentioned as an effective Desire.
Demand can be classified as:

Individual demand

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