The price of Samosa today is $3, and the quantity demanded is 1000. Next year the price drops to $2 and the quantity demanded rises to 2000.
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If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
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The question is from demand topic. Though the question is not complete yet i tried my best to give the required answer.
Explanation:
Law of demand : The law of demand states that other things remain the same, the quantity demanded of a commodity rises when its price falls and quantity demanded falls when its price rises .
In this law of demand you must notice that it is given that other things remain the same. what is other things? They are the other factors that affects the quantity demanded of a commodity such as price of related commodities, income of the consumer, taste and preference of consumer etc.
The question is based on same that as the price of a Samosa falls from $3 to $2 the quantity demanded rises from 1000 to 2000 units of samosa.
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