1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Slav-nsk [51]
3 years ago
9

write a short paragraph about demand using all of the following terms: law of demand, quantity demanded, law of diminishing marg

inal utility, real income effect, substitution effect, demand curve, price elasticity of demand.
History
1 answer:
erastova [34]3 years ago
8 0

Answer:Law of demand is one sided as it only explains the effect of change in price on the quantity demanded. It states nothing about the effect of change in quantity demanded on the price of the commodity.

Derivation of ‘Law of Demand’:

According to the law of demand, demand for a commodity rises with fall in its price and vice-versa, keeping other factors constant. This inverse relationship between price and demand as given by Law of demand, can be derived by: (i) ‘Marginal Utility’ = Price’ Condition; and (ii) Law of Equi-Marginal Utility.

Explanation:

It states the inverse relationship between price and quantity demanded. It simply affirms that an increase in price will tend to reduce the quantity demanded and a fall in price will lead to an increase in the quantity demanded.

2. Qualitative, not Quantitative:

It makes a qualitative statement only, i.e. it indicates the direction of change in the amount demanded and does not indicate the magnitude of change.

3. No Proportional Relationship:

It does not establish any proportional relationship between change in price and the resultant change in demand. If the price rises by 10%, quantity demanded may fall by any proportion.

4. One-Sided:Law of demand is one sided as it only explains the effect of change in price on the quantity demanded. It states nothing about the effect of change in quantity demanded on the price of the commodity.

Derivation of ‘Law of Demand’:

According to the law of demand, demand for a commodity rises with fall in its price and vice-versa, keeping other factors constant. This inverse relationship between price and demand as given by Law of demand, can be derived by: (i) ‘Marginal Utility’ = Price’ Condition; and (ii) Law of Equi-Marginal Utility.

You might be interested in
Hou 1. What significant outcome of the French and Indian War eventually led to the American Revolution?​
Mama L [17]

Answer:

The French and Indian War began in 1754 and ended with the Treaty of Paris in 1763. The war provided Great Britain enormous territorial gains in North America, but disputes over subsequent frontier policy and paying the war’s expenses led to colonial discontent, and ultimately to the American Revolution

( hope that helps ^^)

3 0
2 years ago
Which situation helped cause the Spanish-American War
Marrrta [24]

Answer:

Which situation helped cause the Spanish-American War is the reasons for war were many, but there were two immediate ones: America's support the ongoing struggle by Cubans and Filipinos against Spanish rule, and the mysterious explosion of the battleship U.S.S. Maine in Havana Harbor.

I hope you helped >_<

<h3>Follow me for more answers</h3>
8 0
2 years ago
Read 2 more answers
What was the name for the catholic reformation that sought to stop the spread of the protestant movement?
GrogVix [38]
<span>The name for the catholic reformation that sought to stop the spread of the protestant movement was called the catholic revival. Which lasted from the mid 1500's to the mid 1600's and was a resurgence initiated by the protestant reformation.</span>
7 0
2 years ago
Have you experienced writing a dairy? How important do you think these parts of speech in writing your dairy?​
Ede4ka [16]

Yes sometimes I feel like that but then my laziness comes in between , And stops me from writing. and correct grammar is important everywhere whether it is something personal or formal.

5 0
3 years ago
What can happen if the president chooses th veto a law that has been passed
REY [17]
The bill will be sent back to congress
3 0
3 years ago
Read 2 more answers
Other questions:
  • What was the purpose of the Punic wars
    5·1 answer
  • Mark the statement if it accurately describes Portugal’s claim to Brazil.
    7·1 answer
  • Which of the following was a common goal of the Populists and the Progressives during the Progressive Era? giving women the righ
    7·2 answers
  • St. Thomas Aquinas tried to bridge the gap, or create a connection between the Christian faith in ancient Greek and Roman ideas.
    6·2 answers
  • After world war what was wilsons organization
    5·1 answer
  • Which statement best describes the human cost of
    14·1 answer
  • Read the passage:
    9·2 answers
  • What was the purpose of the Fordney-McCumber Tariff?
    14·1 answer
  • Whose expedition is outlined on the map above?
    6·1 answer
  • Which of these developments did not increase Chinese trade
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!