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Demand, Individual Demand and Market Demand Video Lecture | Economics Class 11 - Commerce
FAQs on Demand, Individual Demand and Market Demand Video Lecture - Economics Class 11 - Commerce
| 1. What is the difference between individual demand and market demand? |  |
Ans. Individual demand refers to the quantity of a product or service that an individual consumer is willing and able to purchase at a specific price, while market demand is the total quantity of a product or service that all consumers in the market are willing and able to purchase at a specific price.
| 2. How is market demand calculated? | |
Ans. Market demand is calculated by adding up the individual demands of all consumers in the market at various price points. This creates a demand schedule or curve that shows the relationship between price and quantity demanded by all consumers.
| 3. What factors can influence market demand? | |
Ans. Factors that can influence market demand include changes in consumer preferences, income levels, the prices of related goods, population size, and advertising and promotional activities.
| 4. Why is understanding market demand important for businesses? | |
Ans. Understanding market demand is important for businesses because it helps them determine the optimal pricing strategy, forecast sales, make production decisions, and develop effective marketing strategies to meet the needs and wants of consumers.
| 5. How does individual demand contribute to overall market demand? | |
Ans. Individual demands aggregate to create market demand. By summing up the quantities demanded by each individual consumer at different price levels, businesses can determine the total quantity of a product or service that consumers are willing to purchase in the market.
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