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Demand for a commodity refers to:
- a)Need for the commodity
- b)Desire for the commodity
- c)Amount of the commodity demanded at a particular price and at a particular time
- d)Quantity demanded of that commodity
Correct answer is option 'C'. Can you explain this answer?
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Demand for a commodity refers to:a)Need for the commodityb)Desire for ...
Demand = Desire + Ability to pay (i.e., money or purchasing power) + will to spend.
Demand is not an absolute term. It is a relative concept. Demand for a commodity should always have a reference to price and time. For instance—An economists would say that the demand for apples by a household, at a price of Rs. 30 per kg. is 10 kg per week. Thus, economists always mention the amount of demand or a commodity with reference to a particular price and at a specified time period, such as per day, per week, per month or per year.
Thus, we can say that demand is a function of price (P), income (Y), prices of related goods (pr) and tastes (t) and is expressed as D = f (P, Y, pr, t). When income, prices of related goods and tastes are given, the demand function is D = f (P). It shows the quantities of a commodity, purchased at given prices as per Marshallian analysis, the other determinants of demand are taken as given and constant.
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Demand for a commodity refers to:a)Need for the commodityb)Desire for ...
Demand actually means that the consumer purchases here the consumer purchases the good depending on price , time, and requirements it means at different point of time we need different goods or services and we can't afford everything due to price range here we select certain set of good and service of our choice and ability. so demand=ability+ willingness
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Demand for a commodity refers to:a)Need for the commodityb)Desire for ...
The economic depression began after the stock market crash of 1929 that eventually led to the loss of over 13-15 million jobs.
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Demand for a commodity refers to:a)Need for the commodityb)Desire for the commodityc)Amount of the commodity demanded at a particular price and at a particular timed)Quantity demanded of that commodityCorrect answer is option 'C'. Can you explain this answer?
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