LAW OF DEMAND
✪ DEMAND ANALYSIS DEMAND ANALYSIS: This economic variable 'Demand' is important in business decision making and policy formulations. it determines the magnitude of economic activities, the size and pattern of production. Demand is always related to price and particular time period. ஃ DD =Desire + Ability to pay + Willingness to pay Demand Schedule: When the relationship between quantities demanded of a commodity and prices are tabulated, it is called a demand schedule. Price per litre of milk (Rs.) Quantity demanded (in litres) 30 25 20 15 10 1 2 3 4 5 This schedule refers to the quantity demanded by an individual. when the quantity demanded by all the consumers is summed up, market demand schedule ca...