What is law of demand ?? And assumptions
Answers
Answered by
6
Heya....
See here for your answer....
===================
What is law of demand ??
Ans --
This is the law states that , other things remaining constant then there is an invite relationship between the own price and the quantity demanded of the commodity....
Assumptions of law of demand --
√ The price of related goods remains constant...
√ Income of the consumer doesn't change...
√ Consumer doesn't give preference to his Tastes..
√ Future expectations of the goods avaibility remains unchanged..
Thank you
See here for your answer....
===================
What is law of demand ??
Ans --
This is the law states that , other things remaining constant then there is an invite relationship between the own price and the quantity demanded of the commodity....
Assumptions of law of demand --
√ The price of related goods remains constant...
√ Income of the consumer doesn't change...
√ Consumer doesn't give preference to his Tastes..
√ Future expectations of the goods avaibility remains unchanged..
Thank you
Answered by
3
Hey there !!
Law of demand is that law which show negative relationship between the price and commodity demands..
Assumptions
Price of substitution good not change
Income remains constant
Expectations are constant
Law of demand is that law which show negative relationship between the price and commodity demands..
Assumptions
Price of substitution good not change
Income remains constant
Expectations are constant
Similar questions