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Basic Tools for Economic Analysis I | Week 15 Topics
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Basic Tools for Economic Analysis II | Week 23 Topics1 Quiz
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Theory of Demand | Week 34 Topics1 Quiz
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Theory of Supply | Week 44 Topics1 Quiz
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Theory of Production Possibility Curve I | Week 51 Topic
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Theory of Production Possibility Curve II | Week 64 Topics1 Quiz
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Theory of Cost I | Week 72 Topics
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Theory of Cost II | Week 83 Topics1 Quiz
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Revenue Concept | Week 92 Topics1 Quiz
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Topic Content:
- Types of Demand
- Joint or Complementary Demand
- Competitive Demand
- Derived Demand
- Composite Demand
1. Joint or Complementary Demand:
This relates to the commodities that are consumed together e.g. tea and sugar, bread and butter, motor vehicle, and petrol pen and ink. One commodity may be complementary to another so that the two commodities may be jointly demanded. That is; as the demand for one increases, the quantity demanded, for the other also rises. Examples of such commodities are torchlights and batteries.
2. Competitive Demand:
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