CA Foundation Exam > CA Foundation Notes > Business Economics for CA Foundation > Cheatsheet: Theory of Demand and Supply
Cheatsheet: Theory of Demand and Supply | Business Economics for CA Foundation PDF Download
Overview
Meaning of Demand
Determinants of Demand
Demand Function
Law of Demand
Rationale of the Law of Demand
Exceptions to the Law of Demand
Expansion and Contraction of Demand
Increase and Decrease in Demand
Movements vs. Shifts of Demand Curve
Elasticity of Demand
Price Elasticity of Demand
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Advertisement Elasticity
Nature of Human Wants
Classification of Wants
Relationship Between Total Utility (TU) and Marginal Utility (MU)
Law of Diminishing Marginal Utility
Consumer Surplus
Indifference Curve Analysis
Meaning of Supply
Determinants of Supply
Law of Supply
Movements vs. Shifts in the Supply Curve
Elasticity of Supply
Equilibrium Price
The document Cheatsheet: Theory of Demand and Supply | Business Economics for CA Foundation is a part of the CA Foundation Course Business Economics for CA Foundation.
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FAQs on Cheatsheet: Theory of Demand and Supply - Business Economics for CA Foundation
| 1. What is the meaning of demand in economics? |  |
Ans. In economics, demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a given period. It reflects the consumers' desire for a product and their purchasing power.
| 2. What are the main determinants of demand? | |
Ans. The main determinants of demand include the price of the good, consumer income, preferences and tastes, prices of related goods (substitutes and complements), and consumer expectations about future prices and income. These factors influence how much of a product consumers are willing to buy.
| 3. What is the law of demand and its rationale? | |
Ans. The law of demand states that, all else being equal, as the price of a good increases, the quantity demanded decreases, and vice versa. The rationale behind this law is based on the substitution effect (consumers will switch to cheaper alternatives as prices rise) and the income effect (higher prices reduce consumers' purchasing power, leading to lower demand).
| 4. How do expansion and contraction of demand differ from an increase and decrease in demand? | |
Ans. Expansion and contraction of demand refer to movements along the demand curve due to price changes, where expansion indicates an increase in quantity demanded at a lower price and contraction indicates a decrease at a higher price. In contrast, an increase and decrease in demand involve shifts of the demand curve itself, caused by changes in determinants like income or consumer preferences, leading to a higher or lower quantity demanded at every price.
| 5. What are the exceptions to the law of demand? | |
Ans. Exceptions to the law of demand include Giffen goods (where demand increases as price rises due to the income effect outweighing the substitution effect), Veblen goods (where higher prices make the product more desirable as a status symbol), and certain necessities that consumers will buy regardless of price changes.
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Document Description: Cheatsheet: Theory of Demand and Supply for CA Foundation 2025 is part of Business Economics for CA Foundation preparation.
The notes and questions for Cheatsheet: Theory of Demand and Supply have been prepared according to the CA Foundation exam syllabus. Information about Cheatsheet: Theory of Demand and Supply covers topics
like Overview, Meaning of Demand, Determinants of Demand, Demand Function, Law of Demand, Rationale of the Law of Demand, Exceptions to the Law of Demand, Expansion and Contraction of Demand, Increase and Decrease in Demand, Movements vs. Shifts of Demand Curve, Elasticity of Demand, Price Elasticity of Demand, Income Elasticity of Demand, Cross-Price Elasticity of Demand, Advertisement Elasticity, Nature of Human Wants, Classification of Wants, Relationship Between Total Utility (TU) and Marginal Utility (MU), Law of Diminishing Marginal Utility, Consumer Surplus, Indifference Curve Analysis, Meaning of Supply, Determinants of Supply, Law of Supply, Movements vs. Shifts in the Supply Curve, Elasticity of Supply, Equilibrium Price and Cheatsheet: Theory of Demand and Supply Example, for CA Foundation 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Cheatsheet: Theory of Demand and Supply.
Introduction of Cheatsheet: Theory of Demand and Supply in English is available as part of our Business Economics for CA Foundation
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