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प्रश्न
The bus fare between two cities is reduced. How will this affect the demand curve for bus travel between the two cities?
उत्तर १
When the bus fare between two cities has been reduced, consumers get attracted to the bus service and they substitute this bus service for other services of conveyance. Therefore, the demand for the bus service increases. The price change of related goods or services here also affects the demand for a good or service. According to the law of demand, a decrease in the price of one causes a decrease in the demand for the other.
उत्तर २
When the bus fare between two cities is cut, demand for bus travel rises, and the demand curve moves downward.
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संबंधित प्रश्न
The demand curve is generally ______.
Differentiate between individual demand schedule and market demand schedule.
State the impact of the following changes on the demand curve of a commodity:
A rise in the price of the commodity
State the impact of the following changes on the demand curve of a commodity:
Increase in the supply of a substitute commodity
State the impact of the following changes on the demand curve of a commodity:
Increase in the price of a complementary commodity
Shyam, Sita, Renu, Ahmed and John are five consumers of apples. Their demand for apples is given below. Derive the market demand schedule for apples.
| Price per Kg (in ₹) | Quantity Demanded (Apples) in Kg. | ||||
| Shyam | Sita | Renu | Ahmed | John | |
| 25.00 | 16 | 15 | 12 | 14 | 18 |
| 30.00 | 12 | 11 | 10 | 8 | 15 |
| 35.00 | 10 | 9 | 8 | 6 | 12 |
| 40.00 | 8 | 6 | 4 | 2 | 8 |
With the help of a hypothetical table, draw the demand curve of a commodity.
How is the market demand curve derived from the individual demand curves?
Define market demand.
What is a demand schedule?
