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Theory of Demand

15 Lessons 28 mins

Topics:

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.

Objectives:

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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