Question

the law of demand is measured from the perspective of whom
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Answer 1

The law of demand is a fundamental principle of economics which states that at a higher price consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.

Answer 2

1. The law of demand is measured from the perspective of the Consumers.

2. Law of Demand is the fundamental principle of economics

3. It mainly states that the consumers will buy lesser quantity of goods when the price is higher.

4. There are 4 main parameters of law of demand. Those are:

Q = Quantity demanded of a particuar good

f = The demand function

P = The price of good

Y = List of parameters that are constant like production cost, transportation cost and more.