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Ranjit kumar yadav Asked a Question
April 4, 2022 7:40 pmpts 30 pts
e Assumptions of Law of Demand ) There is no change in the tastes and preferences of the consumer, (0) Tbe income ol the consumer remans constant; (1) There is Do change in customs (Iv) The commodity to be uscd should not confer distinction on the consumer There should not be any substitutes of the commodity, (vi) There should not be any change in the pnces of other products; (VI There should not be any p0ssibiliiy of change in the price of the product being used: (v) There should not be any change in the quahty of the product, and The habits of the consumer should remain unchanged. Given these condiuons, the law of demand If there IS change even in one of these conditions, it will stop operating Table: Demand Schedule Quantity Demanded 100 Unitss 200 Units 300 Units Price (Rs) 400 Unils 600 UnitsS Demand Curve 100 200 300 400 500 600 Quantity Demanded aetUs: Website www.eduncle.com Email supporteeduncle com Call Us: 7065435800
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  • Ranjit kumar yadav
    Tnq maim
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  • Aabha mishra 1 Best Answer
    in this there are some assumptions given on which law of demand operates like income of consumer remains constant, there is no Change in the taste and preferences of the consumer, ...
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