Many students find demand theory a bit complex. They mostly need assignments from qualified experts. We have qualified economics assignment help experts to help you finish your economics class. The demand for a commodity or service is the quantity of that good or service that consumers are willing to purchase at a given price over a specified time period. Demand is influenced by various factors; including the product’s price,
- The prices of related products
- Consumer’s income
- Tastes
- Fashions
- Personal and environmental factors.
The demand function is a simplified expression of the relationship between the quantity demanded and the various variables. It determines whether demand for a good increases with a decrease in its price or decreases with an increase in its price. Demand for a good increase with a decrease in its price and decreases with an increase in its price. This demonstrates that the relationship between price and quantity demanded is inverse.
Generally, the demand curve is downward sloping. The demand curve’s negative slope is consistent with the price-quantity relationship that defines the law of demand. Due to the income and substitution effects, the demand curve slopes downward. As is the case with the Giffen goods, some exceptional demand curves may slope upward.
Demand Theory Assignment Help
Demand expansion and contraction refer to changes in the quantity demanded as a result of price changes. These changes entail shifts along the same demand curve. Demand changes due to factors other than the price of the goods. These changes result in shifts in the demand curve itself, which moves to the right when demand increases and vise versa.