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Law of Demand,Demand Elasticty

Law of Demand,Demand Elasticty

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Published by shalini tiwari

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Categories:Types, Business/Law
Published by: shalini tiwari on Sep 18, 2009
Copyright:Attribution Non-commercial

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05/11/2014

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 The Law of Demand states that the demandfor a commodity increases when its pricedecreases and falls when its price rises, otherthings remaining constant.
It states the nature of relationship betweenthe quantity demanded of a product and theprice of the product.
Demand Function = Qx = f(Px)
.
slide 2
 
A demand curve is a locus of pointshowing various alternative price-quantity combinations.OR The demand curve for any good showsthe quantity demanded at each price,holding constant all other determinantsof demand.
slide 3

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