Question

_{What did you learn in consumer demand theory and apply it to your country.}

Answer 1

Consumer demand theory make us understand the role the law of marginal dimnishing utility. The main concept of this theory is how utility is generated due to satisfaction, needs and wants of consumers.

Any good which is demand will have more supply thus resulting in market for that good but after a particular point the demand for that good reaches a staturation point where there will be decline in demand for that good in the market.

This theory is applicable in any country because we can see that some goods have more demand in previous year where they are now not even cosnidered.