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Theory of Demand

15 Lessons 28 mins


a. i. meaning and determinants of demand
ii. demand schedules and curves
iii. the distinction between change in quantity demanded and change in demand.
b. Types of demand: Composite, derived, competitive and joint demand:
c. Types, nature and determinants of elasticity and their measurement – price, income and cross elasticity of demand:
d. Importance of elasticity of demand to consumers, producers and government.


Candidates should be able to:

(i) identify the factors determining demand;
(ii) interpret demand curves from demand schedules;
(iii) differentiate between change in quantity demanded and change in demand;
(iv) compare the various types of demand and their interrelationships;
(v) relate the determinants to the nature of elasticity;
(vi) compute elasticities;
(vii) interpret elasticity coefficients in relation to real life situations.

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