Hey do you done your micro revision for tmr exam? I still have'nt ughh i dont think i can finish tonight.
Waoh! IM WELL PREPARE! Which chapter you done understand?
Yeap the longest chap in Micro.
Okie! Let me help you with it.
So,do you know what's the definition of The Law of Demand?
Ya,of course! It is an inverse relationship between price and quantity demandedceteris paribus.
How about the factors of demand?
The factors of demand are-Income level,-price of substitute goods, -price of complement goods, -expectations of future price changes,-availability of credit or finance,-tastes and fashion,-population,-weather and seasonal conditions-government policy.
What is the change quantity demanded?
Change quantity demanded is will have downward sloping which means increase quantity demanded/ extension of demand and vice versa.
Why it will move upward and downward ?
The change in quantity demand is due to the price of the product while the change in demand is due to the factors i mentioned just now.