Friday, July 20, 2018

CETERIS PARIBUS , DEMAND CURVE, SUPPLY CURVE , DETERMINANTS OF DEMAND

CETERIS PARIBUS


 Inverse relationship between the price of a good and the quantity that  buyers are willing to purchase in a defined time period, ceteris paribus. 

DEMAND CURVE

The relationship between price and quantity demand is demand curve.


SUPPLY CURVE


The relationship between price and quantity supplied is called supply curve.

DETERMINANTS OF DEMAND


  • TASTES - If testes and preferences of individual shift in favour of the goods, possibly prompted by advertising or by observing the consumption habits of other individual, demand will rise at each possible price level.
  • NUMBER OF BUYERS- A rise in the number of buyers of a good simply increases demand in the same way as a shift in the preference in favour of goods

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