economic law of demand

1. LAW OF DEMAND
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2. Introduction
The law of demand states that if the prices of the commodity
rises the demand for the commodity diminishes and vice versa.
Price of the commodity and demand of the commodity has
inverse relationship.
Increase in price leads to decrease in demand and decrease in
p4ice leads increase in demand.

3. Assumptions of The Law.
The following are the assuptipns of the law :-
 The tastes and preferences of the consumer remains the
same.
 Price of relative goods (substitute goods) does not changes.
 Prices of other products have no change.
 Income of the consumer remains the same.
 The size of population and consumptions remains the same.
 No change in climatic conditions.

4. Demand Shedule

5. Demand Curve.

6. Exceptions of The Law
Giffen goods.
Necessary goods.
Speculation.
Ignorance.
Condition of war.

7. Thank you