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What does the market demand curve show?
It shows the demand for the product in relation to the price
Why price on y-axis in demand function?
bez when demand function have price on y-axis, its mean that price have the inverse relation to the demand, in other words price lead to demand curve.
What is price demand?
Demand Price/ or Demand Pricing is the amount customers are willing for a given quantity of a product for example you would buy 1chocolate bar for 50p but 3 for £1
State and explain the law of demand?
The law of demand states that there an inverse relation between change in price of good and the consequent change in demand for bad goods, assuming no change in all other factors influencing demand for that good.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What does the market demand curve show?
It shows the demand for the product in relation to the price
Why price on y-axis in demand function?
bez when demand function have price on y-axis, its mean that price have the inverse relation to the demand, in other words price lead to demand curve.
How is law of demand a law and why?
simply its identify by increase the demand with low price and vice versa. its like a rule in economic feild that descripe the relation between price and demand . its a law because you cant do the opposite ..like highe price and quantity .
What is price demand?
Demand Price/ or Demand Pricing is the amount customers are willing for a given quantity of a product for example you would buy 1chocolate bar for 50p but 3 for £1
State and explain the law of demand?
The law of demand states that there an inverse relation between change in price of good and the consequent change in demand for bad goods, assuming no change in all other factors influencing demand for that good.
Distinguish between price and income elasticity of demand?
distinguish between price elasticity of demand and income elasticity of demand
What is the relationship between price and demand for a Giffen good?
The relationship between price and demand for a Giffen good is unique because as the price of the good increases, the demand for it also increases. This is contrary to the law of demand, where an increase in price leads to a decrease in demand.
In economics what is the meaning of the term 'demand curve'?
Graphical representation of law of demand that is change in quantity demanded due to change in price keeping other factors constant is demand curve. It is downward sloping as there is inverse relation between price and quantity demanded.
What kind of relationship does the demand curve have in relation to supply?
Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer.
What is the difference between a demand schedule and a demand curve?
a demand schedule is a table showing the relationship between the price of a good and the quantity demanded , but a demand curve is a graph showing the relationship between the price of a good and the quantity demanded.
What is theory of demand in economics?
The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases
How does the relationship between price and demand impact the overall market dynamics?
The relationship between price and demand in a market impacts the overall dynamics by influencing how much of a product is bought and sold. When the price of a product goes up, demand tends to decrease, and when the price goes down, demand tends to increase. This interaction between price and demand helps determine the equilibrium price and quantity in the market, affecting the overall supply and demand balance and ultimately shaping market outcomes.
