Explain the essential elements of demand.(in 100 word) – InterviewSolution

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1.	Explain the essential elements of demand.(in 100 word)
Answer» The Law of Demand states that when the price of a commodity FALLS, its demand INCREASES and when the price of a commodity rises, its demand decreases; other things remaining constant. Thus, there exists an inverse relationship between price and quantity demanded of a commodity. The functional relationship between price and quantity demanded can be represented as DX = f(Px). Now let us DISCUSS the Demand Schedule in DETAIL.

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