Define law of demand and law of supply ?
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Answered by
40
Heya...
See here for your answer :-
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Law of demand :-
• Law of demand States that, other things remaining constant then there is an inverse relationship between the own price and the quantity demanded of the commodity...
• At the low price high good is demanded and vice versa..
Law of supply :-
• Law of supply States that, other things remaining constant then there is a positive relationship between own price and the quantity supplied of a commodity...
• At high price producer will sell high amount of goods and vice versa..
Thank you
See here for your answer :-
=================
Law of demand :-
• Law of demand States that, other things remaining constant then there is an inverse relationship between the own price and the quantity demanded of the commodity...
• At the low price high good is demanded and vice versa..
Law of supply :-
• Law of supply States that, other things remaining constant then there is a positive relationship between own price and the quantity supplied of a commodity...
• At high price producer will sell high amount of goods and vice versa..
Thank you
abdul5634:
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Answered by
3
Heya user✨✨
▶️Law of demand states that there is a inverse relationship between quantity demand of a commodity and it own price,other things remaining constant .
ASSUMPTION ⬇️⬇️
➡️Taste and Preference of the consumer remain constant .
➡️There is no change in income of the buyers.
➡️Prices if the related good do not change .
➡️ Consumer do do not expect any significant change in the availability of the commodity in the near future .
▶️Law of Supply states other things remaining constant , Quantity supplied increase with increase in own price of a commodity and quantity supplied decrease in decrease of own price of a commodity.
ASSUMPTION ⬇️⬇️
➡️There is no change in the price of the factor of production .
➡️There is no change in the technique of production .
➡️There is no change in the goal of the firm .
➡️ There is no change in the price of related goods .
➡️The Government policy relating to Price and production of the commodity does not change .
✨Hope this helps you ✨
▶️Law of demand states that there is a inverse relationship between quantity demand of a commodity and it own price,other things remaining constant .
ASSUMPTION ⬇️⬇️
➡️Taste and Preference of the consumer remain constant .
➡️There is no change in income of the buyers.
➡️Prices if the related good do not change .
➡️ Consumer do do not expect any significant change in the availability of the commodity in the near future .
▶️Law of Supply states other things remaining constant , Quantity supplied increase with increase in own price of a commodity and quantity supplied decrease in decrease of own price of a commodity.
ASSUMPTION ⬇️⬇️
➡️There is no change in the price of the factor of production .
➡️There is no change in the technique of production .
➡️There is no change in the goal of the firm .
➡️ There is no change in the price of related goods .
➡️The Government policy relating to Price and production of the commodity does not change .
✨Hope this helps you ✨
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