Marginal demand
Marginal demand in economics is the change in demand for a product or service in response to a specific change in its price.[1] Normally, as prices for goods or services rise, demand falls, and conversely, as prices for goods or services fall, demand rises. A product or service for which price changes cause a relatively big change in demand is said to have elastic demand. A product or service where price changes cause a relatively small change in demand is said to have inelastic demand.[2]
References
[edit]- ^ Polanco, Carlos (2019). Advanced Calculus: Fundamentals of Mathematics. Bentham Science Publishers. pp. 43–44. ISBN 9789811415074.
- ^ Lax, Peter D.; Terrell, Maria Shea (2013). Calculus With Applications. Springer New York. pp. 241–242. ISBN 9781461479468.
See also
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