Define Law of Demand and derive a demand curve
Last Updated on June 15, 2018 by Naeem Javid Muhammad Hassani
Define Law of Demand and derive a demand curve
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QdX = quantity demanded of commodity X
f = function of independent variable
PX = Price of commodity X
M = Money income of the consumer
Po = Price of other commodities
T = Taste of consumer
N = Unknown factors
(The bar on the Top of M, P0 ,T means that they are kept constant)
Assumption:-
Income of the consumer does not change.
Tastes of the buyer do not change.
The population should not change.
People do not expect further changes in price.
No discovery of new substitute.
No change in the external value of money.
Homogeneity.
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NJMH is working as Deputy Conservator of Forests in Balochistan Forest & Wildlife Department (BFWD). He is the CEO of Tech Urdu (techurdu.net) Forestrypedia (forestrypedia.com), Majestic Pakistan (majesticpakistan.pk), All Pak Notifications (allpaknotifications.com), Essayspedia, etc & their YouTube Channels). He is an Environmentalist, Blogger, YouTuber, Developer & Vlogger.