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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