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The Theory of Demand

THE THEORY OF DEMAND IS A FUNDAMENTAL CONCEPTS IN MICROECONOMICS THAT EXPLAINS HOW CONSUMERS BEHAVE IN THE MARKET. IT ANALYZES THE RELATIONSHIP BETWEEN THE PRICE OF A GOOD OR SERVICES AND THE QUANTITY DEMANDED. KEY ASSUMPTION 1. RATIONAL BEHAVIOUR:- CONSUMERS MAKE INFORMED DECISIONS. 2. DIMINISHING MARGINAL UTILITY:- ADDITIONAL UNITS CONSUMED BRING DECREASING SATISFACTION. 3. BUDGET CONSTRAINTS:- CONSUMERS FACE LIMITED INCOME. 4. CETERIS PARIBUS :- OTHER FACTORS REMAIN CONSTANTS LAW OF DEMAND. THE QUANTITY DEMANDED OF A GOOD SERVICE Decrease AS ITS PRICE INCREASE, CETERIS PARIBUS. DEMAND CURVE A GRAPHICAL REPRESENTATION OF THE LAW OF DEMAND, SHOWING:- 1. PRICE 2. QUANTITY TYPES OF DEMAND 1. DIRECT DEMAND:- POSITIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY DEMANDED 2. INVERSE DEMAND:- NEGATIVE RELATIONSHIP BETWEEN PRICE AND QUANTITY DEMANDED 3. ELASTIC DEMAND:- QUANTITY DEMANDED RESPONDS SIGNIFICANTLY TO PRICE CHANGES. 4. INELASTIC DEMAND:- QUANTITY DEMANDED RESPONDS MINIMALLY TO PRICE CHANGES. FACTORS INFLUENCING DEMAND PRICE INCOME. CONSUMER PREFERENCES SUBSTITUTE COMPLEMENT POPULATION GROWTH SEASONALITY ADVERTISING DEMAND THEORIES CARDINAL UTILITY THEORY ORDINAL UTILITY THEORY INDIFFERENCE CURVES ANALYSIS IMPORTANCE PRICE DETERMINATION MARKET EQUILIBRIUM RESOURCES ALLOCATION BUSINESS DECISION MAKING POLICY MAKING REAL WORLD APPLICATION MARKET RESEARCH PRICING STRATEGIES ADVERTISING AND MARKETING PUBLIC POLICY ANALYSIS ECONOMICS FORECASTING UNDERSTAND THE THEORY OF DEMAND HELPS ECONOMICS, BUSINESSES, AND POLICYMAKERS ANALYSIS CONSUMER BEHAVIOUR, PREDICT MARKET TRENDS, AND MAKE INFORMED DECISIONS. #microeconomics #explore #study #business #chemistry #class #economics #exam #featured #theory #demand #thelastofus