Demand and Its Determinants
Economics ⇒ Consumer and Producer Behaviour
Demand and Its Determinants starts at 11 and continues till grade 12.
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Define demand in economics.
Explain how consumer expectations about future prices can affect current demand.
Explain the concept of 'change in quantity demanded' versus 'change in demand'.
Explain the difference between individual demand and market demand.
Explain the effect of advertisement on demand.
Explain the effect of population growth on the market demand for a commodity.
Explain the substitution effect with the help of an example.
Explain the term 'market demand schedule'.
If the cross elasticity of demand between tea and coffee is positive, what does it indicate about their relationship?
If the price of a good falls and the total expenditure on the good rises, what can you say about the price elasticity of demand?
If the price of a good falls from Rs. 50 to Rs. 40 and the quantity demanded increases from 100 units to 150 units, calculate the price elasticity of demand using the percentage method.
If the price of a good increases by 10% and the quantity demanded falls by 5%, what is the price elasticity of demand?
If the price of petrol increases, what is likely to happen to the demand for cars? Explain.
State any two exceptions to the law of demand.
State any two factors, other than price, that affect the demand for a commodity.
State the law of demand.
State the law of diminishing marginal utility.
Suppose the demand function for a good is Qd = 100 - 2P. What is the quantity demanded when the price is Rs. 20?
What is meant by 'complementary goods'? Give one example.
What is meant by 'cross elasticity of demand'?
