The need curve is the graphical depiction of the relationship between the need for a good and that price, for a given income, price of connected goods, tastes, and preferences. This curve slopes downwards native left to right due to the fact that of the negative relationship between the price of the commodity and also its demand.

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The following are the main reasons as to why the demand curve is downward sloping:

Law the diminishing marginal utility- because of this law, the customer tends to buy an ext quantity the a good when the price falls.Income effect- with a autumn in price, the purchasing power of a human being rises. Together a result, that demands more of a good.Substitution effect- through a rise in price, the substitutes of goods come to be cheaper in comparison. Together a result, the person demands much less of that good and more substitute goods.Multipurpose uses- The demand for goods having multipurpose supplies rise with a autumn in price and vice-versa.


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Concept: demand Curve and also Its Slope
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Chapter 3.1: Demand analysis - practice
Q 4. (1)Q 3. (3)Q 4. (2)
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Balbharati economics 12th typical HSC Maharashtra State Board
Chapter 3.1 demand AnalysisExercise | Q 4. (1) | web page 25
2010-2011 (March) (with solutions)
Q 5.3 | 8 marks
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