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Definition (Meaning) of Demand
Defination (Meaning) of Demand
Demand means the quantity of a commodity demanded per unit of time at a certain price.
Types of Demand, (a) Price demand means the quantity demanded at a certain price.
(b) Income Demand means the quantities demanded at the various levels of income.
(c) Cross Demand denotes the quantities demanded with reference to a change in price of some other goods.
Classical Economics, Adam Smith, and the Wealth of Nations
Facts and information about the founder of modern economics, Adam Smith, and his famous economic theory, The Wealth of Nations, that laid the foundation for free trade and open market.
The Assumptions of Indifference Curves and Their Properties
The assumptions of Indifference Curves and their properties
The indifference curve technique does not make use of the Marshallian concept of measurability of utility in quantitative terms. On the other hand, it is based upon the concept of scale of preferences and the ordinal measurement of utility. Utility is a subjective entity, a psychological feeling and is, therefore, not amenable to quantitative measurement.
Elasticity of Demand and Its Practical Importance
Elasticity of demand and its practical importance
The concept of elasticity of demand is not merely an abstract idea and of academic interest. Its practical importance is very great.
(i) The concept of elasticity of demand is made practical use of by the Finance Minister and the monopolist. When the Government imposes a tax on a commodity, its price will tend to rise. But if the demand is very elastic, it will considerably fall when the price has risen. The result will be that Government will ...
Degrees of Price Elasticity of Demand
Degrees of Price Elasticity of Demand
A change in price leads to a change in demand. If price increases, demand contracts, and vice versa. But variation in demand is not always uniform when there is a change in price. In some cases, with a given change in price, demand shows a marked change, whereas in other cases the demand is not so responsive to changes in price.
Definition of the Law of Demand and the Exceptions to the Law of Demand
Definition of the law of demand and the exceptions to the Law of Demand
Generally the demand curve slopes downwards from left to right. Or, in other words, the higher the price of good, other things is remaining the same, the smaller will be the quantity normally bought. Similarly, the lower the price of a good, the greater will be the quantity normally purchased. This is in accordance with the law of diminishing marginal utility.
Basic Assumptions of Marginal Utility Analysis
Basic Assumptions of Marginal Utility Analysis
We shall first mention a few basic assumptions on which the marginal utility analysis is based. We shall see later how the marginal utility analysis has been criticized on the ground that the assumptions on which it is based are unrealistic or invalid. The following are the main assumptions:—
Practical Importance of the Law of Diminishing Marginal Utility
Practical importance of the law of Diminishing Marginal Utility
The law of Diminishing Marginal Utility has enormous sensible importance. It is used in the discussion of various aspects of economic theory. For example, it is applied to the discussion of the theory of value. The law of Diminishing Marginal Utility furnishes the basis for the law of demand which together with the law of supply influence the determination of value
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