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Theory of Demand: Graphical Representation Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

FAQs on Theory of Demand: Graphical Representation Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is the theory of demand in economics?

Ans. The theory of demand in economics explains how consumers decide to purchase goods and services based on their preferences, income levels, and the prices of these goods and services. It illustrates the relationship between the quantity demanded and the price, often represented through a demand curve, which typically slopes downward, indicating that as prices decrease, the quantity demanded increases.

2. How is the demand curve graphically represented?

Ans. The demand curve is graphically represented on a two-dimensional graph where the vertical axis (Y-axis) represents the price of a good or service, and the horizontal axis (X-axis) represents the quantity demanded. The curve typically slopes downwards from left to right, reflecting the inverse relationship between price and quantity demanded.

3. What factors can shift the demand curve?

Ans. Several factors can cause the demand curve to shift, including changes in consumer income, preferences, the price of related goods (substitutes and complements), expectations about future prices, and demographic changes. An increase in demand due to these factors shifts the curve to the right, while a decrease shifts it to the left.

4. What is the difference between a movement along the demand curve and a shift in the demand curve?

Ans. A movement along the demand curve occurs when there is a change in the price of the good or service itself, leading to a change in the quantity demanded. In contrast, a shift in the demand curve happens due to external factors that affect demand, such as changes in consumer preferences or income, resulting in an increase or decrease in demand at every price level.

5. How does the concept of elasticity relate to the theory of demand?

Ans. Elasticity in the context of demand measures how responsive the quantity demanded of a good is to a change in its price. If demand is elastic, a small change in price will lead to a large change in quantity demanded. Conversely, if demand is inelastic, quantity demanded is less responsive to price changes. This concept is important for understanding consumer behavior and for making pricing decisions.

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Apr 19, 2025 Last updated

Video Description: Theory of Demand: Graphical Representation for SSC CGL 2025 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The notes and questions for Theory of Demand: Graphical Representation have been prepared according to the SSC CGL exam syllabus. Information about Theory of Demand: Graphical Representation covers all important topics for SSC CGL 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Theory of Demand: Graphical Representation.

Introduction of Theory of Demand: Graphical Representation in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Theory of Demand: Graphical Representation in Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for SSC CGL Exam by signing up for free.

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	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1366 videos\|1313 docs\|1016 tests

SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1366 videos|1313 docs|1016 tests

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