Hey is anyone is in economics stream? If so could you please explain what is the formula for law of demand?
Answer (1)
12th Jul, 2020
hi
he law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall
In its standard form a linear demand equation is Q = a - bP. That is, quantity demanded is a function of price. The inverse demand equation , or price equation , treats price as a function g of quantity demanded: P = f(Q). As from the equation
Here if the price increase demands falls and a is a constant that is the least quantity demanded.
HOPE THIS WILL HELP
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