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Inelastic which is mostly vertical with a slight tilt.
goods of ostentation is one of the factors or exemption on the law of demand. Goods of ostentation states that if the price is high, the demand is also high. The graphical representation of this shows the movement of the curve from left to right as relates to the price and quantity demand. In addition the demand is high because of the prestige it gives for those buying it.
because the ordinary demand curve ignores the income effect of price changes.also since the compensated demand curve is less inelastic than an ordinary demand curve.
You can choose to shift the demand curve to the right i.e. expansion of demand.
by finding where the supply curve and the demand curve intersect
Inelastic which is mostly vertical with a slight tilt.
goods of ostentation is one of the factors or exemption on the law of demand. Goods of ostentation states that if the price is high, the demand is also high. The graphical representation of this shows the movement of the curve from left to right as relates to the price and quantity demand. In addition the demand is high because of the prestige it gives for those buying it.
because the ordinary demand curve ignores the income effect of price changes.also since the compensated demand curve is less inelastic than an ordinary demand curve.
You can choose to shift the demand curve to the right i.e. expansion of demand.
by finding where the supply curve and the demand curve intersect
a supply curve and a demand curveA supply curve and a demand curve.
a supply curve and a demand curveA supply curve and a demand curve.
the demand curve for a good is very unlikely to be perfectly vertical because
given that the demand curve is for a normal good then this is the case as prices increase people will be willing to consume less of the good. If the good is a giffen good then this will not be the case an in fact the demand curve may either remain straight or will curve upwards as prices increase.
An increase in income tends to shift the demand curve for a good or service:For a normal good, the curve will shift to the right, indicating an increase in the demand at the same price.For an inferior good, the curve will tend to shift to the left, indicating a decrease in demand at the same price.
A movement along the demand curve is only caused by a change in price of that specific good, a demand curve is the quantity demanded for a good at each price. If the demand curve shifts, this means that something besides price is affecting the demand, so that at each price more or less is demanded.
the equilibrium price of a good or service