Theory of Demand

Economics · Chapter 1 · 1. Microeconomic Theory: Demand and Elasticity of Demand

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Visual lesson Beta
1. Part 1: Meaning, Determinants and the Law of Demand17 slides
2. Part 2: Market Demand, Movements and Shifts, and Exceptions17 slides
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Notes Beta
6 sections with key terms, formulas and exam tips.
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Flashcards Beta
30 cards for quick recall of key terms and facts.
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Practice
75 board-style questions with instant checks: Multiple choice 25, Short answer 21, Long answer 8, Assertion and reason 6.
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Chapter test Free
Short and long chapter tests in board pattern, with results and analysis.
- Chapter test (long) — Theory of Demand · 40 marks · 100 min
- Chapter test (short) — Theory of Demand · 20 marks · 50 min
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Meaning and types of demand (individual, market, joint, composite, derived)
Determinants of demand and the demand function Dx = f(Px, Py, Y, T, ...)
Law of Demand: assumptions, demand schedule and demand curve; reasons for the downward slope
Derivation of the market demand curve from individual demand curves
Movement along versus shift of the demand curve (extension, contraction, increase, decrease)
Exceptions to the Law of Demand (Giffen goods, Veblen goods, expectations of price change, emergencies)