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Eshaaan · 2024-10-01T09:53:32.867Z

ECO- Demand, page no 48 What is individual demand: Individual demand refers to the quantity of a good or service that a single consumer is willing and able to purchase at various price levels during a given period. It is influenced by several factors, including the consumer's income, preferences, expectations about future prices, and the prices of related goods (substitutes and complements). As the price of a good changes, an individual's demand typically responds in accordance with the law of demand—meaning that, generally, as prices fall, demand increases, and as prices rise, demand decreases. Individual demand is graphically represented by a demand curve, which slopes downward, showing the inverse relationship between price and quantity demanded. Understanding individual demand is key in analyzing market behavior and consumer decision-making. For a example, As the price of a chocolate bar increases, the individual substitutes away from chocolate bars to other goods. What is a market demand: Market demand refers to the total quantity of a product or service that consumers are willing and able to purchase at various price levels within a specific time period. It reflects the overall desire for a product in the marketplace, influenced by factors such as consumer preferences, income levels, market trends, and the availability of substitutes or complementary goods. Market demand is typically represented by a demand curve, which shows the relationship between price and the quantity demanded, with lower prices generally leading to higher demand. Businesses analyze market demand to set pricing strategies, forecast sales, and plan production to meet consumer needs effectively. Understanding market demand is crucial for maintaining competitive advantage and ensuring the right balance between supply and demand in a given industry. For example, a cinema charges 10$ for its movie tickets purchase tickets at that price per week. The market demand for cinema tickets at 10$ per ticket is therefore 900 tickets per week. THE END

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🌿 A Memorable Day at Uyir 🌿
Guest Talk by Adithya Arpitha Prasad | July 24 | 2:30 PM – 5:00 PM

Today, Uyir had the privilege of hosting a truly inspiring guest—Adithya Arpitha Prasad, a passionate thinker, researcher, and humanist currently pursuing a PhD in Computational Data Science at the Indian Institute of Science (IISc), Bengaluru.

Adithya’s session with our children was nothing short of magical. He brought together ideas from science, philosophy, ethics, humanism, and AI in a way that was deeply engaging and thought-provoking. He shared insights from his ongoing research on Artificial Intelligence and the ethics surrounding it, highlighting both its potential and the need for a compassionate and mindful approach to technology.

What stood out most was his personal journey—moving beyond conventional paths of study, job, and societal roles, and instead, following a life driven by passion, curiosity, and purpose. He spoke about the importance of meditation, self-reflection, and developing inner focus to understand and navigate life’s deeper questions.

The children were completely absorbed throughout the session—from 2:30 PM to 5:00 PM, not a single moment of distraction. His words truly resonated with them, sparking curiosity, questions, and a new way of looking at learning and living.

We are deeply grateful to Adithya for sharing his time, thoughts, and energy with us. It was a marvelous experience that opened new doors of thinking for our young minds.

Thank you, Adithya, for reminding us that life’s most meaningful path is the one led by curiosity, compassion, and courage.

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