What are Supply and Demand? Demand means a desire for the goods that people want to buy at a given price. E.g. I want to buy shoes @Rs. 1000. Supply is the total amount of specific goods or services available to consumers at a specific price. E.g., A company is selling shoes @Rs. 999. LAW OF DEMAND The law of demand basically deals with the inverse relationship between price and quantity of particular goods or services. But it is under the assumption, other factors like consumer preferences, price of competitive goods, the purchasing power of the consumer are being equal and does not play any role in the law of demand. To look at the assumptions in detail, “the other things” being equal or those remain statics are the condition to establish law of demand considering price as the only variable factor. Dx = f(Px) The condition assumes that there is NO CHANGE in- Consumer’s income Consumer’s preferences Fashion/ trend Price of related goods Size, age compositio
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