micro

micro
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  • 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.
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