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Video lecture on 'Managerial Economics : Types of Demand' by Mr. Jitendra Singhal, Associate Professor, IIMT College of Management, Greater Noida

Managerial Economics is a science dealing with the effective use of scarce resources. It
guides the managers in taking decisions relating to the firm's customers, competitors, and
suppliers as well as relating to the internal functioning of a firm. The willingness of a
consumer to buy a product at a given price and income level. When income increases,
demand increases, and when income decreases, demand decreases. 
 
Price demand
The amount a consumer is willing to spend on a product at a given price. Businesses use this
information to determine the price at which to launch a new product. 
 
Derived demand
When the demand for one item increases, the demand for another good also increases. 
 
Individual demand
The demand for a product by an individual at a specific price. 
 
Market demand
Also known as aggregate demand, this refers to the total economic demand in a specific
market. 
 
Cross-price elasticity of demand
A measure of how responsive the quantity demanded of one item is to changes in the
quantity demanded of another. This helps determine whether products are substitutes or
complements.

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