LAW OF DEMAND
SAVEETHA UNIVERSITY
SAVEETHA SCHOOL OF LAW
ASSIGNMENT TOPIC
NAME :- B.MUHUKUMARAN
COURSE :- BABL., [Hons]
SECTION :- 'B '- Ist Year
SUBJECT :- ECONOMICS
TOPIC :- LAW OF DEMAND, IT ' S . EXCEPTIONS AND ELASTICITY . OF DEMAND
SUBMITTED TO :- Prof. S. RAMU
TABLE OF CONTENTS
INTRODUCTION
MEANING OF DEMAND
LAW OF DEMAND
DEFINITIONS
ASSUMPTIONS OF THE LAW
DEMAND SEHEDULE
DEMAND CURVE
REASONS FOR THE LAW OF DEMAND OR THE SLOPING DOWNWARDS OF THE DEMAND CURVE
EXCEPTIONS TO OR LIMITATIONS OF THE LAW OF DEMAND
ELASTICITY OF DEMAND
TYPES OF ELASTICITY OF DEMAND
IMPORTANCE OF PRICE ELASTICITY OF DEMAND
CONCLUSION
BIBLIOGRAPHY
LAW OF DEMAND, IT ' S EXCEPTIONS AND ELASTICITY OF DEMAND
INTRODUCTION:-
One of the market forces which determine price is demand. Demand is related to consumption. It represents the process through which a consumer obtains goods and services he wants to consume. The demand for any commodity mainly depends on the price of that commodity. The other determinants include price of related commodities, the income of consumers, tastes and preferences of consumers, and the wealth of consumers. Hence he demand function can be written as Dx = F [Px, PS, Y, T, W]
Where DX represents demand for good X
PX is price of good X
PS is price of related goods
Y is income
T refers to tastes and preferences of the consumers W refers to wealth of the consumer.
MEANING OF DEMAND: -
In Economics, by the term 'demand` we mean 'effective demand` which means a desire to buy a commodity supported by;
Adequate purchasing power [ability to pay]
Willingness to buy and
Decition to buy. In ordinary sense by demand simply mean a desire. The desire of a beggar is not considered as
SAVEETHA SCHOOL OF LAW
ASSIGNMENT TOPIC
NAME :- B.MUHUKUMARAN
COURSE :- BABL., [Hons]
SECTION :- 'B '- Ist Year
SUBJECT :- ECONOMICS
TOPIC :- LAW OF DEMAND, IT ' S . EXCEPTIONS AND ELASTICITY . OF DEMAND
SUBMITTED TO :- Prof. S. RAMU
TABLE OF CONTENTS
INTRODUCTION
MEANING OF DEMAND
LAW OF DEMAND
DEFINITIONS
ASSUMPTIONS OF THE LAW
DEMAND SEHEDULE
DEMAND CURVE
REASONS FOR THE LAW OF DEMAND OR THE SLOPING DOWNWARDS OF THE DEMAND CURVE
EXCEPTIONS TO OR LIMITATIONS OF THE LAW OF DEMAND
ELASTICITY OF DEMAND
TYPES OF ELASTICITY OF DEMAND
IMPORTANCE OF PRICE ELASTICITY OF DEMAND
CONCLUSION
BIBLIOGRAPHY
LAW OF DEMAND, IT ' S EXCEPTIONS AND ELASTICITY OF DEMAND
INTRODUCTION:-
One of the market forces which determine price is demand. Demand is related to consumption. It represents the process through which a consumer obtains goods and services he wants to consume. The demand for any commodity mainly depends on the price of that commodity. The other determinants include price of related commodities, the income of consumers, tastes and preferences of consumers, and the wealth of consumers. Hence he demand function can be written as Dx = F [Px, PS, Y, T, W]
Where DX represents demand for good X
PX is price of good X
PS is price of related goods
Y is income
T refers to tastes and preferences of the consumers W refers to wealth of the consumer.
MEANING OF DEMAND: -
In Economics, by the term 'demand` we mean 'effective demand` which means a desire to buy a commodity supported by;
Adequate purchasing power [ability to pay]
Willingness to buy and
Decition to buy. In ordinary sense by demand simply mean a desire. The desire of a beggar is not considered as
Bibliography: - General Principles of Economics - Dr.S.R.Myneni, Allahabad Law Agency, Reprint 2010. Economic Theory, Tamil Nadu Text Book Corporation.