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Consumer behavior and Demand Demand Analysis
I. Answer in one sentence each (1 mark each)
a. Define demand
b. State law of demand.
c. Demand for good X decreases as price of good Y increases then the two goods are:
(a) Absolute necessities
(b) Complementary good
(c) Inferior goods
(d) Substitute goods
d. If a good is absolute necessity, then its price elasticity of demand is:
e. Draw a relatively inelastic demand.
II. Answer in around 60 words. (3 marks each)
(a) State law of demand. Explain with a schedule and diagram.
(b) Consider two commodities Tea and Coffee. What could be the effect on demand for Tea if price of coffee falls. Explain with reason and suitable diagram.
(c) Government declares a compulsory festival bonus of ₹10000/- to all workers working in the country. Explain the likely impact on the demand for refrigerators in the country?
(d) Distinguish between normal good and inferior good. Use examples.
(e) What are the causes of shift in demand to right?
(f) Distinguish between complementary good and substitute good with examples.
(g) Law of demand holds good only under certain assumptions. What are these?
(h) State meaning of:
i. Direct demand
ii. Derived demand
iii. Joint demand
(i) Distinguish between expansion of demand and increase in demand. Use diagram
III. Answer in around 75 words. (4 marks each)
a. What does change in demand mean? Explain using diagram.
b. What does change in quantity demanded mean? Explain using diagram.
c. Define market demand curve. Explain with the help of a diagram.
d. Why does demand curve slope down ward? Explain the reasons behind this.
e. Distinguish between movement along the same demand curve and shift in demand.
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