Answer :
The functional relationship between the demand for a commodity and its price is known as price demand. There is an inverse relationship between the price of the commodity and the quantity demanded of it, this means that lower the price of the commodity, larger is the quantity demanded and higher the price, lesser is the quantity demanded.
Price- rises demand- falls
Price-falls demand- rises
The functional relationship between the demand for a commodity and the level of income is known as income demand. The income demand shows how much quantity of a commodity a consumer will buy at different levels of his income. Income determines the purchasing of the consumer. Generally there is a direct relationship between the income of the consumer and his demand for a product.
Income- rises demand- rises
(Read : factors affecting demand)
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