What is demand explain the theory of law of demand in detail? Video Lecture In this video lecture, we are going to learn the Theory of Demand in accordance with Fundamentals of Economics and Management, Paper 1 of CMA Foundation. Difference between the law of demand and the theory of demand? Theory of Demand is the principle/law that correlates the demand for a product with the price of the product. The Law of Demand is the basis for price determination in an open market. We will also look at the Elasticity of Demand and the concept of Demand Schedule. Theory of Demand, tells the connection between the cost of the merchandise and its amount requested. In the event that the cost of any great or administration expands, at that point its interest diminishes and the other way around. Theory of Demand The relationship between the cost of a product and the amount demanded is described by the Theory of Demand. When the expense of a good or administration rises, so does its appeal, and vice
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