Explain with the help of diagram the effect of following changes on the demand for a commodity
Answers
Answered by
6
Answer:
(i) Demand for a commodity will decrease when there is a fail in the price of substitute goods. Implying that demand curve would shift backward: less will be purchased at the same price. ... This would imply a backward shift in demand curve: less goods will be purchased at the same price
Answered by
1
Answer:
Implying that demand curve would shift backward: less will be purchased at the same price. Demand for commodity falls from PK to PK1. Fig. ... Explain with the help of diagrams, the effect of the following changes on the demand of a commodity : (i) Fall in the price substitude good , (ii) Fall in the income of its buyer.
Similar questions