Answered: What is Demand. List all the types of…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.2: The Demand Curve And Elasticity Of Demand

Problem 3R

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What is Demand. List all the types of demands and explain them.

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Demand and supply refers to two of the most important concepts of economics. Businesses plan their production according to the forecasted demand by they calculate how much the consumers would be willing to purchase at a given price and on the basis of that forecasted demand they plan their production activities to avoid overproduction or under production in the economy. Demand is represented graphically using the demand curve shows the quantity demanded on the x-axis and the price of the good on the y-axis, the demand curve is a downward sloping cua negative relationship between the price and the quantity demanded.

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