1 / 6

Law of Demand

Law of Demand. What is to be produced?. Law of Demand. Demand = “Willingness & Ability” 5 P 6 Qd Conversely, 6 P 5 Qd; We therefore state that r P = r Qd “ceteris paribus” – all things remaining constant. In other words, with no other factors to consider. Law of Demand.

Download Presentation

Law of Demand

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Law of Demand What is to be produced?

  2. Law of Demand Demand = “Willingness & Ability” 5P 6Qd Conversely, 6 P 5Qd; We therefore state that rP = rQd “ceteris paribus” – all things remaining constant. In other words, with no other factors to consider.

  3. Law of Demand Demand Schedule

  4. Law of DemandDemand Chart

  5. Law of Demand

  6. Law of Demand • Other factors that result in rQd: • Normal goods vs Inferior Goods • Changes in (i) income or personal preferences

More Related