Define the law of demand. Does the demand for water behave in accordance with the law...
- Define the law of demand. Does the demand for water behave in accordance with the law of demand? Give two interpretations of a demand curve.
Homework Answers
The law of demand states that there is an inverse relationship between quantity demanded and price for a normal good. As the price of a normal good increases, its demand falls and the fall in price of a normal good leads to increased demand.
Since water is a necessity, its demand does not behave in accordance with the law of demand most of the times. Any change in price of water will not influence the demand by a huge margin because it is a necessity and consumers will purchase it irrespective of the price.
The demand curve is downward sloping for normal goods indicating that as the price falls, the quantity demanded increases and vice versa. It shoes the quantity demanded at different prices.
The slope of the demand curve is the price elasticity of demand which measures the percentage change in the quantity demanded due to a percentage change in price.
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Define the law of demand. Does the demand for water behave in
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Law of Demand The law of demand is an inverse relationship between the price and quantity de manded. Evaluate how you can relate this law to a recent purchase that you have made. Why do you think this law is an effective law that holds within markets? How do you think a store is able to deal with a shortage that is present at a grocery store?What does a shortage reflect about the product? Reply
QUESTION 3 (CHAPTER 4 - SUPPLY AND DEMAND) a. What is the law of demand? What factors are taken as constant when plotting a demand curve? b. What happens to a demand curve if the income of the consumers increases? c. What happens to a demand curve for a product if the price of a substitute product increases? (Hint: Margarine and butter are substitute good. What would happen to the demand curve for margarine if the price of butter increases?)...
Question 4 [10] Define the following: 4.1. Price elasticity of demand (also called point elasticity of demand) 4.2. The meaning of positive magnitude and negative magnitude in terms of elasticity of supply 4.3. Cross-price elasticity of demand 4.4. Law of diminishing returns 4.5. The budget line in terms of an indifference curve diagram
1. Describe the law of demand. 2. Describe the law of supply 3. Draw a supply and demand diagram. Label each axis, the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity. 4. Cons demand curve shifts to the right. This will create a new equilibrium price and ider that a market begins in equilibrium. If there is an increase in demand, it means that the quantity a. Compared to the old equilibrium price, is the new...
Law of Demand The law of demand is an inverse relationship between the price and quantity de manded. Evaluate how you can relate this law to a recent purchase that you have made. Why do you think this law is an effective law that holds within markets? How do you think a store is able to deal with a shortage that is present at a grocery store?What does a shortage reflect about the product? Reply
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