FYBCOM SEM I ECONOMICS NOTES ON DEMAND ANALYSIS

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I’ve noticed that many find economics difficult. Though it’s a fun subject after understanding the concept, that you’ll love to go into the depth and how one thing leads to another shows the flow in the economy.
So considering this problem of my fellow friends I am going to post series notes for fybcom sem I important topics, for those who find hard to understand the textbook language and wants to understand in short for better revision and this will help you as this are comprehensive and point to point notes.
Demand analysis
Determinants of demand helps to understand the factors that influence quantity of a particular product.  These will help us to identify measures that can be adopted to alter the demand

Price
The price of the product under consideration is the most important determinant of the demand for a product.  A negative relation is postulated between the quantity demanded and the Prices of product under consideration


Income
1. Incase of normal or superior goods increase in income increase in quantity demanded
2. Incase of inferior (giffen goods) increase in income fall in demand
3. Incase of neutral goods income increase have no effect on it

Prices of other good
Consumer preferences
Demographic factor
Expected price of the product
Govt policy
Elasticity of demand
This shows responsiveness of demand with respect to the changes in the factors of demand
 Price elasticity
The degree of responsiveness of he quantity demanded for a given change in the price of product
Income elasticity
The degree of a responsiveness the quantity demanded for a given change in the income of the consumer
Cross elasticity of demand
Degree of responsiveness of quantity demanded for products say 'x' to a given change in the price of another product say 'y'
Promotional elasticity

Degree of responsiveness of quantity demanded for a given advertisement is expenditure in sales promotion

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