Demand, supply and elasticity

Demand: it is defined as consumers desire, ability and will to purchase goods at various prices

Demand types :
1) Taste : it depends on the customers likes and dislikes
2) number and price of substitute goods :
3) number and price of complementary goods :
These above determines the incentives that they get when a customer buys a product. Substitute goods can be explained with sugar and jaangry. Complementary goods can be explained by boost and a racket free for it. Which attracts consumers.
4) it is also dependent on how much the consumer incomes
5) and finally the expectations

Supply : willingness and ability of the producers to offer goods in the market for sale at various prices

1) costs of production : the suppliers can decide the rate according to the production and their requirements
2) substitutes in supply
3) profitability in joint supply
4) seasonality
5) informational assymetry

ELASTICITY :

-> it is a measure of sensitivity of one variable to another
> percentage change that will occur in one variable in response to a percent change in another variable 
> Elasticity at a given point on function is called point elasticity
> elasticity over a given range of a function is called arc elasticity