# CPT Chapter Law of Demand and Elasticity of Demand

With Bharat Galani.Duration:3hrs 50min

 Law of Demand and Elasticity of Demand Duration (min:sec) What is demand? Introduction 01:07 What is demand 05:49 Definition of demand 08:03 Summary what is demand 02:27 Intro Factor Influencing demand 07:16 Factor affecting demands 13:02 Summary of Factor affecting demand 02:05 Types of demand 08:34 Demand Curve Demand Curve 09:49 Why demand curve slopes downward 10:57 Exception to Law of Demand 10:42 Summary 01:17 Change in demand vs. Change in Qty demanded Change in Qty demanded & Change in demand 02:04 Expansion & Contraction of demand 03:20 Increase & Decrease of demand 05:37 Explanation Expansion & Contraction ,Increase & Decrease in demand 06:32 Change in Qty demanded vs. Change in demand 01:18 Elasticity of demand What is Elasticity 03:00 Types of Elasticity 01:28 Price Elasticity What to Learn in Price Elasticity 01:16 How is Elasticity calculated 08:17 Point Elasticity 08:49 Arc Elasticity 04:30 Total Outlay Method 05:47 Types of Price Elasticity 12:34 Interpretation of Numeric Value 10:36 Numerical Problem 05:09 Summary Price Elasticity 03:14 Factor affecting Price Elasticity 18:58 Income Elasticity Income Elasticity 09:23 Interpretation of Numeric Value 03:58 Numerical Problem 02:19 Cross Elasticity 10:46 Interpretation of Numeric Value 03:43 Summary for Elasticity 01:57 Quiz 06:40 Conclusion 07:27 Total 3:49:50

## Notes

Index

What is demand?
What influences demand?
Types of demand
Law of demand
Change in Qty demanded vs Change in demand
Elasticity of demand
~Price Elasticity
~Income Elasticity
~Cross Elasticity

What is Demand?

Desire
Means
Willingness -Means to purchase
Expressed :
given price
given period of time

What Influence demand ?

price of Product
Price of Related Products
Income of Household
Taste & Preference of Consumer
Other factors

Law of Demand
Inverse relationship between price and quantity demanded.
other things being equal, if the price of a commodity falls, the quantity demanded of it will rise and if the price of a commodity rises, its quantity demanded will decline.

Why Demand Curve Slopes Downward

Cost-Utility matching
Income Effect
Substitution Effect
Arrival of new consumers
Multiple uses

Exception to the Law of Demand

Conspicuous Goods
Giffen’s Goods
Necessaries
Conspicuous necessities
Future expectation about price
Speculative goods
Irrational Purchases

Summary

Law of Demand
Demand Curve
Slope of Demand Curve
Exceptions to Law of Demand

Elasticity of Demand

Price Elasticity
Income Elasticity
Cross Elasticity

Types of Price Elasticity

Perfectly Inelastic
Relatively Inelastic
Unitary Elasticity
Relatively elastic
Perfectly elastic

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