Ruwani is thinking of having a new pair of shoes, an umbrella, a pencil box and some other personal stuffs. So she made her request to her mother. Her mother told her that she will buy the study materials, the a green colour pencil box and the umbrella ,once she got her salary but the pair of shoes can buy, ...
(Image credit- http://vault.starproperty.my.s3.amazonaws.comVarious factors such as price of the good, price of related goods, income, taste etc affect the demand for a good or a service . But, when it comes to the law of demand, we only consider one factor which is the price of the good that we consider. And we see the relationship between the two variables, ...
Quantity Demanded is the quantity planned to purchase at a particular price. It can be represented as one point on the demand curve. The following figure shows two examplesEg 1- Quantity demanded is 900 units at the Price Rs 20.which represent by the point A on the demand curve.Eg 2-Quantity Demanded is 700 units at price Rs 40 which represent ...
Image courtesy- Polkan | Dreamstime.comRuwani is an economics students. In the morning she gets ready to go to the school. Before leaving home she gets breakfast prepared by her mother. Mother buys food mostly from the sellers at Sunday fair. She bargains every time when buying. Then the farmers come out with many reasons for the high prices such as ...
Individual Demand Demand arises from an individual consumer for a good or a service is the individual demand.Market DemandDemand arises from all the consumers in the market for a good or service is the market demand. Market demand is derived from the horizontal summation of individual demand.Example : A and B are two consumers. Following table shows A's demand, B's ...
