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Explain how the following influence demand …

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Explain how the following influence demand for a good. a) fall in prices of the related goods b) Rise in income of the consumer.

Posted by Hamza Affan 6 years, 2 months ago

CBSE > Class 11 > Economics

1 answers

Preeti Somani 6 years, 2 months ago

As 1) If the price of related goods fall , a consumer use to purchase the additional units of that good and that will effect the decrease in quantity demand of the good because of increasing the demand of related good . As2) If the income of consumer rise it will don't affect the demand of good as he can purchase the same unit of goods at increasing price because his income also rises. In first there is a inverse relationship b/w demand and price . In second there is a direct relationship b/w demand and price.

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