Difference between Demand And quantity demanded in elaborated form wit...
If the demand for a particular commodity changes due to change in factors other than price, then it is known as change in demand. Whereas, if the demand changes due to change in price, then it is referred as change in quantity demanded.Graphically, change in demand is represented as shift in the demand curve. Shift in demand is basically of two types:(i) Increase in Demand-There is increase in demand for a good if the other factors such as income, taste and preferences,etc moves in favour of the good.This is represented by a forward shift in the demand curve.(ii) Decrease in Demand- Demand for a good decreases if other factors moves in opposite direction of the good.It is shown as backward shift in the demand curve.Diagrammatically, Change in demand is known as movement along the curveChange in quantity demanded is also of two types:(i) Extension of Demand- There is extension of demand if the price of the concerned good falls. This is represented as downward movement along the same demand curve.(ii) Contraction of Demand- There is contraction in demand if the price of the good rises. Graphically, this is represented as upward movement along the same demand curve.#ankush make diagrams for 6marksDefination Types 2 types Factors Diagram Only these r to be written nothing more can be added It usually comes for 4 marks...
Difference between Demand And quantity demanded in elaborated form wit...
If the demand for a particular commodity changes due to change in factors other than price, then it is known as change in demand. Whereas, if the demand changes due to change in price, then it is referred as change in quantity demanded.Graphically, change in demand is represented as shift in the demand curve. Shift in demand is basically of two types:(i) Increase in Demand-There is increase in demand for a good if the other factors such as income, taste and preferences,etc moves in favour of the good.This is represented by a forward shift in the demand curve.(ii) Decrease in Demand- Demand for a good decreases if other factors moves in opposite direction of the good.It is shown as backward shift in the demand curve.Diagrammatically, Change in demand is known as movement along the curveChange in quantity demanded is also of two types:(i) Extension of Demand- There is extension of demand if the price of the concerned good falls. This is represented as downward movement along the same demand curve.(ii) Contraction of Demand- There is contraction in demand if the price of the good rises. Graphically, this is represented as upward movement along the same demand curve.
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