Assignment 1: Law of Demand

Anonymous
timer Asked: Apr 3rd, 2017
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Question Description

The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this always true?

In your answer, provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such examples and justify your conclusions.

Tutor Answer

muthogacharity
School: Purdue University

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How true is the statement “quantity demanded goes up when price goes down?
I don’t believe that it is constantly factual that whenever quantity demanded goes up, the
price of the quantity goes down.

A case in point of a ...

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Anonymous
awesome work thanks

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