"Law of demand is qualitative statement". Comment.
Answers
Answered by
12
Hey..!!
Ur answer is,
Law of demand is only an indicative, and not quantitative statement. It indicates only the direction, in which the demand will change with a change in price. It says nothing about the magnitude of such a change. Eg. Price of pepsi rises from Rs. 10 to Rs. 12 per bottle, then, as per law of demand, we can say that the demand for pepsi will fall. But the law does not give the actual amount by which the demand for pepsi will decline.
Hope it helps ✌️ ✌️
Ur answer is,
Law of demand is only an indicative, and not quantitative statement. It indicates only the direction, in which the demand will change with a change in price. It says nothing about the magnitude of such a change. Eg. Price of pepsi rises from Rs. 10 to Rs. 12 per bottle, then, as per law of demand, we can say that the demand for pepsi will fall. But the law does not give the actual amount by which the demand for pepsi will decline.
Hope it helps ✌️ ✌️
CanDyCaneMiSSy:
hmm
dhakan :see_no_evil:
baap re haste bhe ho ????
Answered by
13
Gurdeep Singh Bhatia answered this
Law of demand is a qualitative statement because it shows only the direction of change in quantity demanded of a good caused due to a change its price.
The exact magnitude of the change in quantity demanded can be known only after calculating the Price Elasticity of Demand of the given good.
Law of demand is a qualitative statement because it shows only the direction of change in quantity demanded of a good caused due to a change its price.
The exact magnitude of the change in quantity demanded can be known only after calculating the Price Elasticity of Demand of the given good.
Similar questions