Question
When to accomplish a particular necessity, the Demand of
various goods is increased automatically into the market , it is known as ________________ .Solution
Example of Derived demand, For building a house, the demand of Painter, labour, artisans, Bricks, Cements automatically increases. Cross Demand is the ratio of percentage change in quantity demanded of a product to percentage change in price of a related product. Composite demand happens when goods or services have more than one use so that an increase in the demand for one product leads to a fall in supply of the other. E.g. milk which can be used for cheese, yoghurts, cream, butter and other products . Joint demand occurs when demand for two goods is interdependent. For example, it is no good having a printer without the ink to go with it.
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