Question

(a) Highlight the law of demand.(b) Explain three factors affecting demand

Answer 1

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• In microeconomics , the law of demand states that , " conditional on all else being equal , as the price of a good increases ( 1 ) , quantity demanded decreases ( 1 ) ; conversely , as the price of a good decreases ( 1 ) , quantity demanded increases ( 1 ) " .
• The three factors are:

1. Price of Realated Goods
2. Income of the consumer
3. Tastes and Preferences

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Answer 2

• In microeconomics the law of demand states that, "conditional on all else being equal, as the price of a good increases 1. quantity demand decreases 1; conversely, as the price of good decreases 1, quantity demand increases.
• The three factors are:

1. Price of related goods

2. Income of the consumer.

3. Tastes and preferences. ..