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Question
Answer the following question
What do you mean by demand?
Solution
Demand for a commodity refers to various quantities of the commodity that a consumer is willing to purchase at various possible prices. For example, a consumer demands 2 kg sugar per week at Rs 10 per kg and 3 kg sugar per week at Rs 8 per kg. It must be noted that price of commodity and time are two important elements when referring demand.
Demand for a commodity has the following features.
- Utility derived from consumption of a commodity is the basis of demand.
- Price of commodity and time are two important elements in context of demand.
- Demand for a commodity is a relative concept.
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