Law of demand and supply Review of demand and supply curves

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Law of demand and supply
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Law of demand and supply Review of demand and supply curves

Law of demand and supply with full explanation nature of demand and supply curves:

Law of demand

Other remaining the same, the quantity demand for a commodity increase with a fall in price and vice versa is known as Law of demand. Therefore the demand curve is downward sloping.

Demand Schedule

PriceQuantity Demanded
125
220
315
410
55

As the above table, we have clarity about the law of demand.

As you can see when the price of the commodity is 1 the amount of quantity demanded is 25,  When 2 the quantity demanded is 20, When 3 quantity is 15, When 4 the quantity is 10 at last when 5 the quantity is the same 5.

In this way When the price increases the demand decreases.

Demand Curve:

Demand curve

Demand curve

Law of Supply

Other remaining same the quantity supplied for a commodity increase with the rise in price and vice-versa is known as the law of demand. Therefore the Supply curve is upward sloping.

Supply schedule

PriceQuantity Demanded
15
210
315
420
525

From the above table, we clear about the law of Supply. In the table when the price is 1 then the quantity demanded is (5).

As rising in price (2) quantity also rises (10). When the price is (3) quantity demand is (15) as well as When the price is (4) demand is (20) at the price of (5) demand is (25).

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Elasticity of demand: Full Explanation With Definition, Type, And Formula · November 30, 2019 at 4:12 pm

[…] You may also like to read: Law of demand and supply Review of demand and supply curves […]

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