Question

Difference between law of demand with basic diff point in hindi and elasticity of demand

Answer 1

Heya,,,

Law of demand.....

* It only States that the negative relationship between demand and quantity supplied....

* It can't be give perfect slope of the change in demand due to price change.....

* It is not a quantitative law of measurement.....

Elasticity of supply...


* It shows the degree of change in terms of % change in price and quantity in its response....

* It gives a perfect slope to identify the status of change in quantity in response to price....

* It is a quantitative measurement ...

Answer 2

The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.