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Difference between increase in demand , …

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Difference between increase in demand , decrease in demand , extention in demand and contraction ok n demand with the help of three example

Posted by Ritesh Vishwakarma 7 years, 1 month ago

CBSE > Class 11 > Economics

2 answers

Chesta Pawan Manchanda 7 years, 1 month ago

E.g let the earlier income is 60 rupees and by expending this consumer is willing to buy 120 quantities of good x but luckily his income increase with 120rupees now he is willing to buy 240 quantities of the same good . This is the example of increase in demand now you can easily make example of decrease in demand. E.g let the price of good x is 2rupees per unit at this price consumer is buying 4 units but when the price of good fall from 2 to 1 rupee his willingness to buy good x quantities increase with 8 to4. This is the example of extention in demand.

Chesta Pawan Manchanda 7 years, 1 month ago

Increase in income causes increase in demand even when the price of the good remain same . Decrease in income causes decrease in demand of good .. and otger factors remain constant. Extention of demand means increase quantity demand when price of good falls. Contraction of demand means decrease in quantity demand when price of good rise . In both cases price and income effects the demand curve and other factors remain constant

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