What is Individual Demand?Individual demand refers to the quantity of a commodity demanded by an individual per unit of time, at a given price. The aggregate of individual demands for a product per unit of time constitutes the market demand. The market demand schedule and the curve can be ob...
When a person is described as demanding, it usually means thathe or she has very high standards or is especially hard to satisfy. The word comes from the Old French demander, "to request or demand," by way of the Latin demandare, "entrust." ...
Define and compare: - Demand - Market Demand. Explain the "Individual Demand Curve". Define and differentiate firm demand and industry demand. Describe demand function. Can you give an example for inelastic demand? What is the elasticity of demand, and how is the notion used in economics? Ex...
Aggregate Demand Aggregate demand, or market demand, is the demand from a group of people. The five determinants of individual demand govern it. There’s also a sixth: the number of buyers in the market. Aggregate demand can be measured for a country. It's the quantity of the goods ...
Imagine an economist was attempting to determine the demand for a service, but they only had a few individual demand schedules and functions. Since market demand is the summation of all of the individuals’demand curves, the economist would add the functions or the results in thescheduletogether...
These factors matter both for demand by an individual and demand by the market as a whole. Exactly how do these various factors affect demand, and how do we show the effects graphically? To answer those questions, we need the ceteris paribus assumption....
Aggregate Demand Aggregate demand, or market demand, is the demand from a group of people. The five determinants of individual demand govern it. There’s also a sixth: the number of buyers in the market. Aggregate demand can be measured for a country. It's the quantity of the goods ...
17.Whenwouldwesaydemandiselastic?Whatwouldaperfectlyelasticdemandcurvelooklike?18.Whatdoesincomeelasticitymeasure?Howwouldincomeelasticityindicateifagoodwasanormalgoodorinferiorgood?19.Whatdoesthecross-priceelasticitymeasure?Howwoulditindicateifagoodisacomplementorasubstitute?20.Whatisabudgetconstraint?Beabletoshowhow...
Individual Demand Curve An individual demand curve is one that examines the price-quantity relationship for an individual consumer, or how much of a product an individual will buy given a particular price. Let's say the price of a slice of pizza is $1.50 and Joel is accustomed to buying...
(The demand of individual consumers) together determine [what shall be produced] and [how resources are used to produce it]. 这里()中的是主语,determine是谓语,[ ]中的是宾语从句,且what shall be produced与how resources are used to produce it是并列的两个从句,意思是什么将被将生产的和如何用原料...