4. variation in demand
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changes in demand
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1. Meaning: -
Variation in demand refers to changes in demand due to changes in price alone other factors remaining constant.
2. Types: -
There are two types of variations in demand. They are –
(a) Extension in demand and
(b) Contraction of demand
3. Movement : -
The movement is upward and downward along the same demand curve.
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Changes in demand occur when quantity demanded changes due to changes in factors other than price.
There are two types of changes in demand.
They are –
(a) Increase in Demand
(b) Decrease in Demand
The demand curve shifts upward and down wards forming new demand curve.
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VARIATION IN DEMAND CHANGES IN DEMAND
