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प्रश्न
Answer the following question:
Elaborate the law of demand, with the help of a hypothetical schedule.
उत्तर
According to the law of demand, a consumer’s demand shares an inverse relationship with the price of a good and vice-versa, ceteris paribus (other things being constant). In other words, if the income, price of related goods and a consumer’s tastes and preferences remain unchanged, then the demand of a good move opposite to the movement in the price of those goods.
Law of demand can be explained with the help of the following demand schedule.
|
Price of Commodity X(Rs) |
Quantity Demanded of X(units) |
| 5 | 100 |
| 10 | 75 |
| 15 | 50 |
| 20 | 25 |
The schedule shows that as the price of the commodity X increases from Rs 10 to Rs 15, the quantity demanded of X falls from 75 units to 50 units. Thus, there is a negative relationship between demand and price.
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संबंधित प्रश्न
Define demand. Name the factors affecting market demand.
Explain the problem of what to produce.
If due to fall in the price of good X, demand for good Y rises, the two goods are : (Choose the correct alternative)
a. Substitutes
b. Complements
c. Not related
d. Competitive
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There are no exceptions to the law of Demand.
Answer the following question.
State and explain the law of demand.
State whether the following statement is TRUE and FALSE
Individual demand is a demand by single buyer.
Give reason or explain the following statement.
Demand curve slopes downward from left to right.
Answer the following question
What do you mean by demand?
Fill in the blank using appropriate alternatives given below
The demand for perishable goods is _______
State whether the following statement is True or False:
Demand for luxurious goods is elastic .
Distinguish between normal goods and inferior goods, with examples
Good X and Good Y are substitute goods. If price of Good X increases, discuss briefly its likely impact on the demand for Good Y.
Increase in price of substitute goods leads to ______
Which of the following can cause an increase in demand:
Which of the following have elastic demand?
Read the following news report and answer the Q.97-Q.100 on the basis of the same:
The quantity of a commodity that a consumer is willing to buy and is able to afford, given the prices of goods and the consumer's tastes and preferences is called demand for the commodity. Whenever one or more of these variables change, the quantity of the good Chosen by the consumer is likely to change as well. The relation between the consumer's optimal choice of the quantity of a good and its price is very important and this relation is called the demand function. Thus, the consumer's demand function for a good gives the amount of the good that the consumer chooses at different levels of its price when the other things remain.
What is meant by the contraction of demand?
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Read the case study and answer the questions 97 to 100:
The Coca-Cola Company is an American multinational beverage company, with its headquarters in Atlanta, Georgia. The first company that conducted its operation in the soft drink industry was Coca-Cola. It is the world's largest non-alcoholic beverage company serving more than 1.8 billion consumers daily in more than 200 countries. It has a portfolio of more than 3,500 (more than 800 no or low-calorie) products. However, the company is best known for its flagship product Coca-Cola which was originally intended to be a patented medicine invented in 1886 by pharmacist John Smith Pemberton in Columbus, Georgia. The Coca-Cola products can be termed as normal goods and in August 2019 Coca-Cola introduced a new product into the market, that is, zero sugar where the demand has increased for the product in the market.
According to the council of the Australian Food Technology Association and Institute of Food Science and Technology, the Australian nonalcoholic beverages industry has been growing steadily, with a 2.3 percent increase in overall production in the year 2000 which amounts to 2.25 billion liters. However, in the re~ent years, sales of customary carbonated soft drinks have dropped as more and more customers become health conscious and move away from high-calorie sugary drinks. Soft Carbonated drinks. and other alcohol-free beverage manufacturers have also sensed the effects of intensifying competition from private-label soft drink makers. Nevertheless, sales of greater value energy and sports drinks have driven profit generation in the industry.
______ is the want to buy a product backed by purchasing power.
