Application of 'The law of demand ' in real life.

LAW OF DEMAND:-
.Law of demand states that people will buy more at lower prices and buy less at higher prices , other things remaining the same.It is assumed that other determinants of demand are constant and only price is the variable and influencing factor.
Law of demand is based on the following main assumptions:-
1.Consumer income remains unchanged.
2.Tastes and preferences of Consumers remains unchanged.
3.Price of Substitute goods and Complement goods remains unchanged.
4.There are no Expectations of future changes in the price of the commodity .
5.There is no change in the fashion of the commodity etc.
There is a positive relationship between the price of a commodity and demand for it's substitutes.
EXAMPLE:- 1.In the month of Diwali season people buy more electronic items like - Laptops,Mobile phones,Television sets,Home theatre etc because on that day companies offer these products at lower prices with  handsome discounts and offers extra accessories on electronic items so ,demand increases and people buy more as compared to another days where prices are usually high with no extra benefits.