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Graphical representation of law of demand that is change in quantity demanded due to change in price keeping other factors constant is demand curve. It is downward sloping as there is inverse relation between price and quantity demanded.
Wiki User
∙ 15y ago
Wiki User
∙ 10y agoIn economics, the demand curve is a mathematical function which related the relative demand of a product to some factor, usually price. The curve is often plotted against the supply curve, so that the values of the demand curve, the actual demand at a certain price, can be meaningfully compared to the supply at that same price.
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What does the term demand refer to in economics?
The term demand in economics refers to the total amount of demand at all possible prices. Demand's definition is how much the consumers want a product.
What is the difference between contraction in demand and decrease in demand?
A contraction in demand is caused by an increase in Price and illustrated by a movement up the demand curve. A decrease in demand is caused by any non-price factor (e.g. advertising, tastes and preferences and price of substitute goods) and is illustrated by an inward shift in the demand curve.
What is the amount of a good and service a consumer is willing and able to buy at various prices during a given time period?
n economics, demand is the desire to own anything, the ability to pay for it, and thewillingness to pay . The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time.en.wikipedia.org/wiki/Demand_(economics)-Jr
What is ceterius paribus?
Ceterius paribus is commonly used economics term meaning "all things being equal". It used to simply economic analysis. Ceterius paribus is commonly used economics term meaning "all things being equal". It used to simply economic analysis.
Why does a demand curve slope downward to the right under what circumstances will a demand curve slopes upward to the right?
A demand curve has a negative slope due to the law of demand, which states that as price decreases, demand increases. Mathematically, this a property known as convexity of preferences, which roughly means that people always improve their outcomes by having strictly more of something. There are types of goods speculated to not be strictly convex in preferences, primarily the Giffen Good, whose demand increases as price increases (some historical examples may include potatoes during the Irish Potato Famine, short-term stocks, and diamonds).
What does the term demand refer to in economics?
The term demand in economics refers to the total amount of demand at all possible prices. Demand's definition is how much the consumers want a product.
What is the difference between contraction in demand and decrease in demand?
A contraction in demand is caused by an increase in Price and illustrated by a movement up the demand curve. A decrease in demand is caused by any non-price factor (e.g. advertising, tastes and preferences and price of substitute goods) and is illustrated by an inward shift in the demand curve.
Term for relationship between price and quantity supplied?
Demand Curve
What is the amount of a good and service a consumer is willing and able to buy at various prices during a given time period?
n economics, demand is the desire to own anything, the ability to pay for it, and thewillingness to pay . The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time.en.wikipedia.org/wiki/Demand_(economics)-Jr
What is the Difference between decrease in demand and contraction in demand?
if demand falls due to change in price of commodity its terms in Economics as contraction in demand, and if demand falls due to other reasons its term decrease in demand...
What is the medical term meaning a curve in the male penis?
Peyronie's disease
What is ceterius paribus?
Ceterius paribus is commonly used economics term meaning "all things being equal". It used to simply economic analysis. Ceterius paribus is commonly used economics term meaning "all things being equal". It used to simply economic analysis.
Why does a demand curve slope downward to the right under what circumstances will a demand curve slopes upward to the right?
A demand curve has a negative slope due to the law of demand, which states that as price decreases, demand increases. Mathematically, this a property known as convexity of preferences, which roughly means that people always improve their outcomes by having strictly more of something. There are types of goods speculated to not be strictly convex in preferences, primarily the Giffen Good, whose demand increases as price increases (some historical examples may include potatoes during the Irish Potato Famine, short-term stocks, and diamonds).
Excessive monopoly profits represent?
Note: 'Excessive' is not an objective term to use for economics analysis. Monopoly profits usually represent a form of price mark-up, setting MC = MR and then vertically matching the maximum willingness-to-pay for that unit and all units before it on the demand curve. This is socially inefficient but privately optimal.
What is the meaning of the term Demand Curve?
The demand curve means a graphcurve that normally slopes downward towards the right of thechart(except for aGiffen good, where it slopes toward the left), showingquantityof aproduct(good orservice) demanded at differentpricelevels. Customarily, the price is plotted on vertical ('Y') axis and quantity on the horizontal ('X') axis, and it is assumed that (in theshort run)incomelevels, price ofsubstitutes, andcustomerpreferences, remain unchanged. Demand curves of theindividualproductsare aggregated to give amarket demand curveand, when drawn together with thesupply curves, show theequilibrium priceat the intersection of the two curves. See link below.
What is the plural for economics?
Economics is a collective term. It is used in the singular.
What is the difference between the change in demand and a change in quantity demanded?
In economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.A change in demand occurs when a demand factor/conditionchanges. The four main demand factors are:Consumer tastes, fashions and preferences.Consumer income.The price of substitute goods.The price of complimentary goods.A change in demand is shown visually as a shift of a demand curve.Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.A change in quantity demanded is caused only by a change in price. The law of demand states that as the price of a good or service increases (ceteris paribus), the quantity demanded will decrease (and vice versa). A change in quantity demanded is shown visually as a movement along a demand curve.Ceteris paribus is a Latin term; it is used in economics to signify that all demand/supply factors remain unchanged.A change in Demand is affected by either a change in productivity or a change in the price of a certain product. And a change in the quantity demanded is affected by either Immigration( a large increase in the quantity or laborers) and an shift in minimum wage.Change in quantity demanded as illustrated in a demand curve is the movement along the curve or the response in quantity demanded due to a change in price.Change in demand as illustrated in a demand curve in the movement OF the curve or the expansion or contraction of the demand. (e.g. more consumers in the market)Demand: the people's desire to purchase something.For example, when the Apple iPod came out, it was in high demand so the suppliers had to make more of them quickly because they were running out and were wanted by the peopleQuantity: A particular or indefinite amount of something.For exmaple, 2 fish are swimming the the lake. The ocean has a vast amount of waterchange of demand means increase or decrease in demand due to change in the price of the commodity other than other factors that affect demand.but however change in quantity damand means increase or decrease in demand due to change in factors that affect demand apart from the price of the commodity.A change(shift) in demand refers to a change in the amount of a product or service demamded in regards to changes in expectations,income,Demographics,substitutes and expectations and will cause a "shift" in the demand curve. A change in quantity demanded refers to a change of the inputs(resources required to produce that good or service) required to produce the goods or services being demanded. If the price of producing the good or service changes then the quantity demamded will "change" causing a movement along the demand curve.
