Demand (1 Viewer)

[dp23dwayne]

hey guys i have to do an essay on demand and its due 2moro, hope someone can help!

the question is


describe what is meant by demand. describe the diff between an expansion in demand and an increase in demand. explan the factors that will cause an increase in demand

thanks!!

 

[rtkl]

demand: Desiree for a product, willingness and ability to buy
An expansion in demand occurs when demand increases due to a fall in price
A contraction in demand occurs when the price rises causing demand to fall
Both an expansion and contraction are movements along the demand curve, which is due to price changes

hope this kindda helps

 

[dp23dwayne]

yeh it does, i have to use diagrams as well, does anyone know what i shoild use to explain whats above?

and what are the factors?

 

[dp23dwayne]

nah couldnt find anything in the resources section.

 

[rtkl]

Factors affecting demand
Price of the good/service
Price of sublementary or complementary good/service
Level of individual income
Personal preference
The size of population

and ive attached a copy of what the diagram should roughly look like

 

[dp23dwayne]

thanks for that rtkl, how would i go about explaining it?

 

[dp23dwayne]

can u send me a link of an example please?

 

[dp23dwayne]

very nice, thanks!!

 

[wuddie]

yea go and read your textbooks, this is as easy as questions will come. how can you not know what demand is? its all so basic...

i reckon this site should ban threads which asks for advise on a specific essay question, it is just plain cheating.