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प्रश्न
Explain the inverse relationship between price and quantity demanded of a commodity.
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उत्तर
The inverse relationship between price and quantity demanded of the commodity is explained by the Law of Demand. This law states that, other things remaining constant, the demand of a good moves opposite to the movement in the price of the good. This law can be explained with the help of the following demand schedule.
| Price of X (Rs) |
Quantity Demanded of X (Units) |
| 7 | 50 |
| 8 | 45 |
| 9 | 42 |
| 10 | 38 |
| 11 | 35 |
In the schedule, we can analyze that as price of the commodity X increases from Rs 7 to Rs 8, the quantity demanded of X falls from 50 units to 45 units. This confirms the negative relationship between the quantity demanded and the price of the commodity.
संबंधित प्रश्न
What happens to the demand of a good when consumer's income changes? Explain
Show that demand of a commodity is inversely related to its price. Explain with the help of utility analysis.
Explain with reason, whether you agree or disagree with the following statement.
Price is the only determinant of demand
Explain any two causes of ‘increase’ in demand of a commodity.
Explain in detail the determinants of demand.
Identify the correct pair of items from the following Columns I and II:
| Columns I | Columns II |
| (1) Price Floor | (a) Government imposes below the equilibrium price. |
| (2) Price Ceiling | (b) It is the maximum price, the producers of goods or services are allowed to charge. |
| (3) Price Floor | (c) Government does it in the interest of consumers. |
| (4) Price Ceiling | (d) Government imposes lower limit on the price, which is higher than the equilibrium price. |
Which of the following is the determinant of market demand?
Find the odd word out:
Determinants of decrease in demand:
Which factor can cause demand for a product to increase even if its price remains the same?
What happens to demand for substitute goods if the price of one increases?
How do credit facilities influence demand for expensive goods?
Which type of good sees decreased demand when income rises?
What effect might government policy (like GST) have on demand for luxury goods?
