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Chapter -2 Consumer Equilibrium Demand - Demand is a desire for a commodity which is supported by sufficient resources which are willing to spend at various prices and at a particular point of time. Demand shows an inverse relationship between price and quantity. Elements of Demand- - Desire - Sufficient Resources - willingness to spend - Price - Time Types of Demand- 1. Individual Demand- Individual Demand is a desire for a commodity which is supported by sufficient resources which are willing to spend at various prices and at a particular point of time by a consumer. 2. Market Demand- Market Demand is a desire for a commodity which is supported by sufficient resources which are willing to spend at various prices and at a particular point of time by all consumers. Determinants of Individual Demand / Factors affecting Demand / Demand Functions 1. Price of a Commodity (Px)- When the price of a commodity increases then the quan...