For a given market of a commodity, demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good. Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure). Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good, given income, prices, tastes, etc. A term for this is "constrained utility maximization" (with income and wealth as the constraints on demand). Here, utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred.
For a given market of a commodity demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good Demand is often represented by a table or a graph showing price and quantity demanded (as in the figure) Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good given income prices tastes etc A term for this is "constrained utility maximization" (with income and wealth as the constraints on demand) Here utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred