Create a 4 pages page paper that discusses explain the difference between a change in demand and a change in the quantity demanded. list and discuss at least 5 factors tha.

Create a 4 pages page paper that discusses explain the difference between a change in demand and a change in the quantity demanded. list and discuss at least 5 factors tha. Thus the factors that determine demand can broadly be categorized into two categories. price determinants and non-price determinants. Presence of these two distinct determinants of demand gives rise to two different but equally important concepts. change in quantity demanded and change in demand. 1. Change in Quantity Demanded. A change in quantity demanded refers to the variation in consumers’ demand of a commodity due to a change in its price, other factors remaining constant. Thus, the only factor that causes a change in quantity demanded is price. In case of change in quantity demanded there is upward or downward movement along the same demand curve. The change in quantity demanded is depicted in fig 1. As the price falls from p to p1, the quantity demanded increases from q to q1 and there is movement along the same demand curve from A to B. A ‘fall’ or ‘increase’ in quantity demanded due to the change in price is also termed as ‘contraction’ or ‘extension’ of demand. Fig 1: Change in Quantity Demanded 2. Change in Demand. A change in demand refers to an increase or decrease in demand that is brought about by a change in the other factors, except price. Thus a change in demand is a result of non-price determinants coming into force.