MRUNALINI DONODE

Roll no.: 9022073

GROUP-1
SECTION B
DEPARTMENT : RICS SCHOOL OF BUILT ENVIRONMENT, MUMBAI
COURSE/BATCH : MBA (CPM)/2022

ASSIGNMENT 3

ECONOMICS FOR BUILT ENVIORNMENT

5 KEY WORDS

MARKET DEMAND CURVE - a curve which shows the quantity of a good

or service that all consumers in the market are willing to purchase at a
given price, keeping other things unchanged.
The key element is that the purchase intention or potential has to be
backed with adequate purchasing capacity.
 
PRICE ELASTICITY OF DEMAND - It is the percentage change in
Quantity / Percentage change in price.

INDIVIDUAL CONSUMER DEMAND - a curve which shows the quantity

of a good or services that a consumer is willing to purchase at a given
price, keeping other things unchanged.
This can be plotted in a graph, in the first quadrant, where the x axis
denotes the quantity of materials or products , and the y axis denotes
the price of a particular material or product.
 
DEMAND
Demand is an economic concept that relates to a consumer's desire to
purchase goods and services and willingness to pay a specific price for
them. An increase in the price of a good or service tends to decrease the
quantity demanded.

LAW OF DEMAND – It States that if the price of goods or services

increases the demand of the goods or services will decrease.
there is an inverse relationship between the quantity and the price of a
particular goods or services .
Week Topics Covered & Your learnings OR the points where you
faced difficulties – to be discussed here

W1: Course objectives and Economics - I got to know about

different termonologies, basically understood economics
language. Got a brief introduction of markets and its
functionality, and many more concepts
W2: We got to understand about demand and supply, and its affect
over the market. Its characteristics and factors. We derived
some demand and supply curves and understood equation on
so, yet learned many terminologies like cet par, veblen goods
and 3 concerns of economics.
W3: We leaarned equilibrium, elasticity and price elasticity of
demand – I got to know that the Price elasticity of demand is
the ratio of percentage change in qty /Percentage change in
price.finding difficult with equations