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    madiha fatima
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    Demand is defined as the willingness and ability of consumers to purchase goods and services. The law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand schedule and curve illustrate the relationship between price and quantity demanded. The demand curve can shift due to factors like changes in income, tastes, weather, prices of substitutes, or marketing.

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    Demand And Supply (1)

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    Demand is defined as the willingness and ability of consumers to purchase goods and services. The law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand schedule and curve illustrate the relationship between price and quantity demanded. The demand curve can shift due to factors like changes in income, tastes, weather, prices of substitutes, or marketing.

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    5 views4 pages

    Demand and Supply

    Uploaded by

    madiha fatima
    Demand is defined as the willingness and ability of consumers to purchase goods and services. The law of demand states that as price increases, quantity demanded decreases, and vice versa. A demand schedule and curve illustrate the relationship between price and quantity demanded. The demand curve can shift due to factors like changes in income, tastes, weather, prices of substitutes, or marketing.

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    © All Rights Reserved
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    of 4

    Demand And Supply

    DEMAND:
    Willingness & Ability to buy any commodity/product

    QUANTITY DEMAND (Qd)


    LAW OF DEMAND
    “ Other things remaining the same (Ceteris Peribus) higher the price of a
    good or service lower will be its quantity demanded and vice versa”
    Limitations:
    •Normal conditions……………..in wars law will not work
    •Necessities
    •Life saving drugs
    Demand And Supply

    DEMAND SCHEDULE

    Price($) Qd(kg)
    100 00
    75 10
    50 20
    25 50
    00 100
    Demand And Supply
    Demand & Supply

    Factors that cause Movement Along the curve OR Making Shift in


    DemandCurve:
    • If we have any change on either price or Qd than we have movement
    along the curve.
    • But if a variable that cause change in demand and not given on axes than
    we experience shifting in Demand curve.
    • Factors that shift Demand Curve:
    • Income Increase/Decrease
    • Taste
    • Weather/season
    • Fashion
    • Price of substitute
    • Marketing/Advertisement
    • Circumstance

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