Name: Genevive Angel Anne A.

Tibay Date: August 23, 2022

Block: BSA 2 – 2 Subject: BE 4

MODULE 2 DEMAND ANALYSIS

Self Assesment Questions (SAQs)

1. Define demand and law of demand.
Answer: Demand is defined as a desire backed up by a willingness and ability to pay. It is
the amount of a specific good that people are willing and able to buy during a specific
period, given the options available. While the Law of Demand is the relationship between
price and quantity. Like when prices are low, demand is high, and vice versa.
2. Differentiate individual and market demand.
Answer: A single person's demand for a commodity or product defines individual demand.
While market demand refers to the sum of all individual desires.
3. Enumerate the determinants of demand and its influence to demand.
Answer:
DETERMINANTS OF DEMAND
1. Prices of related commodities
2. Income of the individual
3. Tastes and preferences
4. Tastes of the consumers
5. Wealth
6. Expectations regarding the future
7. Climate and weather
8. State of business
Income, substitute pricing, tastes and preferences, affluence, excellent business
condition, nice weather, and favorable climate are variables that have a beneficial impact
on product demand.

4. Describe a demand function for a particular product you often use. What are
the possible determinants for your continuous patronage?
Answer: