Joint
or Complementary Demand:-
When
to satisfy one want two or more than two goods are demanded together, then such
a demand is called joint demand. To take a snap, we need Camera and Film; to
write a letter, we need paper, pen and ink etc. Goods which are jointly
demanded are known as complementary goods.
Composite
Demand: - Composite demand refers to the demand for one
commodity in order to satisfy two or more wants. For example, demand for milk
is a composite demand. Some people demand milk to prepare cheese, others to
prepare curd and still others to prepare sweet meats etc. Total demand for milk
is called composite demand.
Direct
And Derived Demand:
- when
a commodity is demanded for its direct consumption it is called direct demand.
For example, demand for cold drink when feeling thirsty or demand for woolen
blanket when feeling cold. Derived demand refers to the demand for one commodity
as a result of demand for another. For example, demand for bricks, cement,
lime, timber etc. is derived demand as the same arises out of the demand for a
house. Derived demand is another form of joint demand.
Competitive
demand:
- Demand
for substitutes is known as competitive demand. An increased demand for one
means reduced demand for the other. Substitutes are those goods which can be
used for one another. At a given income, change in the price of one leads to
change in the demand for the other. For example, Campa and limca. If price of
campa increases then demand for limca will rise
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