Explain the law of demand with the help of a numerical example.
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Explanation:
The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price. ... If the amount bought changes a lot when the price does, then it's called elastic demand. An example of this is ice cream. You can easily get a different dessert if the price rises too high.
Examples:
A new restaurant opens up in town and gets great reviews. There are only 12 tables in the restaurant but everyone wants to get a reservation. Demand for the reservations goes up. A company sets the price of its product at $10.00.
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