This lecture sample from Ideal Classes covers the topic - Elasticity of Demand. In common language demand is a desire but in economics any desire cannot be regarded as demand. Demand is a desire which is supported by ability and willingness to pay the price. Thus, demand implies : 1. Desire for a commodity. 2. Ability to pay its price. 3. Willingness to pay the price. When all above three conditions are present commodity will be purchased. When a commodity is purchased it becomes demand. Demand is a relative term. It is related to price and time. Thus, demand can be defined as amount of a commodity purchased at a certain price per unit of time...
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