Sandeep Garg Class 12 Microeconomics Solutions Chapter 3 Demand is explained by the expert Economics teachers from the latest edition of Sandeep Garg Microeconomics Class 12 textbook solutions. We at BYJU’S provide Sandeep Garg economics class 12 Solutions to give comprehensive insight about the subject to the students. These insights help as a priceless benefit to students while completing their homework or while studying for their exams. There are numerous concepts in economics, however, we at BYJU’S provide the students with the solution from Demand, which will be useful for the students to score well in the board examinations.
Sandeep Garg Solutions Class 12 – Chapter 3 – Part A – Microeconomics
What is Demand?
Ans: Demand is an economic principle that refers to the consumers desire to purchase goods and services and their willingness to pay a particular price for those goods and services.
What are the Determinants of Demand?
Ans: The Determinants of Demands are:
- Price of the given commodity
- Price of related goods
- The income of the customer
- Tastes and preferences
- The expectation of change in the price in future
What is the demand function?
Ans: Demand function shows the relationship between quantity demanded a particular commodity and the factors influencing it.
Define the law of demand.
Ans: The law of demand states the inverse relationship between price and quantity demanded, keeping other factors constant (ceteris paribus).
What are Complementary goods?
Ans: Complementary goods are those goods which are used together to satisfy a particular want.
Define Normal goods.
Ans: Normal goods are referred to as those goods that witness an increased demand corresponding to rise in income of consumers. The demand for normal goods are determined by the state of income of the consumer. If consumer income increases, demand increases and if income decreases, demand also declines.
What are Inferior Goods?
Ans: Inferior goods refer to those goods whose demand decreases with an increase in income. And, this is known as Inferior goods.
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