Economy, asked by prashant7368, 9 months ago

explain the law of demand with the help of demand schedule​

Answers

Answered by Harshitranjan162
15

Answer:

  • The Law of Demand states that when the price of a commodity falls, its demand increases and when the price of a commodity rises, its demand decreases; other things remaining constant.
  • Thus, there exists an inverse relationship between price and quantity demanded of a commodity.

The functional relationship between price and quantity demanded can be represented as Dx = f(Px).

Demand Schedule

It is a statement in the form of a table that shows the different quantities in demand at different prices. There are two types of Demand Schedules:

  • Individual Demand Schedule
  • Market Demand Schedule

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