Which demand refers to the demand when two or more goods are demanded together?
What is it called when two or more product are demanded at the same time?Joint Demand or Complementary Demand:
When two or more goods are demanded jointly to satisfy one single want, it is known as joint or complementary demand.
What are goods demanded together called?Aggregate demand is the total demand for all goods and services in an economy.
What is called elasticity demand?An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2)
What are the 4 types of demands?The following list details seven types of demand in economics:. Joint demand. Joint demand is the demand for complementary products and services. ... . Composite demand. ... . Short-run and long-run demand. ... . Price demand. ... . Income demand. ... . Competitive demand. ... . Direct and derived demand.. |