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Demand Analysis-Managerial Economics
Definition Of Demand
An economic principle that describes a consumer's desire and willingness
to pay a price for a specific good or service. Holding all other
factors constant, the price of a good or service increases as its demand
increases and vice versa.
Quantity demanded
The amount of good that a consumer is willing and able to buy at a given price over a given period of time.
Types Of Goods
Substitute goods: A pair of good which are considered by consumers to be alternatives to each other.
Complementary goods: A pair of good consumed together. As the price of one goes up, the demand for both goods will fall.
Normal Good: A good whose demand rises as people's income rises.
Inferior good: A good whose demand falls as people's income rise.
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