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Economics Note Law of Demand- Class 12 Commerce

You can be a part of our CBSE class 12th economic science categories to reinforce your possibilities of grading sensible marks within the board examination. we have a tendency to conjointly provide notes, blogs, and articles on necessary topics, news, and knowledge associated with commerce section. during this article, the subsequent topic ‘Law of Demand’ from category twelve economic science is explained.

CBSE Economics note- Law of demand

Statement: The Law of demand states that alternative things remaining constant, the demand for a artifact is reciprocally associated with its value.

D = 1/P

Assumptions:

There should be no change in the price of related goods. The related goods include the complimentary as well as substitute goods.
There should be no change in the income of the consumer.
There should be no change in the taste and preference of the consumer.
There should be no change in the number of family members, weather conditions, etc.

Demand Schedule: A demand schedule is a tabular representation of different quantities of commodity demanded at different prices during a given period of time.

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