1. Price Demand:
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Price demand refers to the various quantities of a commodity or service that a consumer would purchase at a given time in a market at various hypothetical prices. It is assumed that other things, such as consumer’s income, his taste and price of inter related goods remain unchanged.
2. Income Demand:
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It refers to the various quantities of a good or service which would be purchased by the consumers at various levels of income here we assume that the price of the commodity or service as well as the prices of inter related goods and the taste and desires of consumers do not changed. The Income Demand shows the relation between income and the quantities demanded.
3. Cross Demand:
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It means the quantity of good or service which will be demanded with reference to change in price not of this good but of other inter-related goods. These goods are either substitutes (e.g., tea and coffee) or complementary (e.g. bike and petrol) goods. A change in price of tea, for instance, will affect the demand of coffee. A change in price of tractor will affect the demand of trailer.