Change in quantity demand vs change in demand
- 1. Change in Quantity Demand vs Change in Demand Name: Siddhant Bhandari Section: PGDM 4 PRN NO: DM17D49
- 2. What is Demand? • Demand in economics is how many goods and services are bought at various prices during a certain period of time. • Demand is the consumer's need or desire to own the product or experience the service. Determinants of Demand Pricing factor Non Pricing factors
- 3. Change in Quantity Demand • A change in quantity demanded is a change in the specific quantity of a good that buyers are willing and able to buy. • This change in quantity demanded is caused by a change in the demand price. • The demand price induces a change in the quantity demanded and a movement along the demand curve, the non-pricing determinant remains unchanged.
- 4. Change in Demand • A change in demand is the result of a change in any of the non-pricing determinant of a demand. • The demand curve move either to left or right side. • A negative change in demand shifts the curve left, and price and quantity both fall. • A positive change in demand shifts the curve right, and price and quantity both rise.
- 5. Difference between change in quantity demand & change in demand Change in quantity demand Change in demand 1. Expansion & Contraction: • Ceteris paribus ,there is an upward or downward movement in a demand curve due to change in price. Upward movement=Contraction Downward movement=Expansion 1. Increase & Decrease: • There is shift in demand curve either to left or right due to change in determinants of demand other than price . Shift toward right: Increase Shift toward left: Decrease