Q9. What are the Assumptions of the law of demand? Constant level of income: If the law of demand is to find true operate then, consumer’s income should remain constant. If there is a rise in income, people may demand more at the given price. No change in size of population: It is assumed that the size of population remains unchanged. Any change in the size of population of a country, affects the total demand for the product. Prices of substitute good remains constant: It is assumed that the prices of substitutes remains unchanged. Any change in the price of the substitute will affect the demand for the commodity. Prices of complementary goods remain constant: It is assumed that the price of complementary goods remain unchanged because a change in the price of one good will affect the demand for the other. No expectations about future changes in prices : It is assumed that consumers do not expect any further change in price in near future. If consumers expect a rise in prices in future, they may demand more in the present even at existing high price. No change in taste habits preferences fashions etc: It is assumed that consumers tastes, habits, preferences, fashions, etc. should remain unchanged. Any change in these factors will lead to a change in demand. No change in taxation policy: Taxation policy of the government has a great impact on demand for various goods and services. Therefore, it is assumed that there is no change in the policy of taxation declared by the government.
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Q9. What are the Assumptions of the law of demand?
Constant level of income: If the law of demand is to find true operate then, consumer’s income should remain constant. If there is a rise in income, people may demand more at the given price.
No change in size of population: It is assumed that the size of population remains unchanged. Any change in the size of population of a country, affects the total demand for the product.
Prices of substitute good remains constant: It is assumed that the prices of substitutes remains unchanged. Any change in the price of the substitute will affect the demand for the commodity.
Prices of complementary goods remain constant: It is assumed that the price of complementary goods remain unchanged because a change in the price of one good will affect the demand for the other.
No expectations about future changes in prices : It is assumed that consumers do not expect any further change in price in near future. If consumers expect a rise in prices in future, they may demand more in the present even at existing high price.
No change in taste habits preferences fashions etc: It is assumed that consumers tastes, habits, preferences, fashions, etc. should remain unchanged. Any change in these factors will lead to a change in demand.
No change in taxation policy: Taxation policy of the government has a great impact on demand for various goods and services. Therefore, it is assumed that there is no change in the policy of taxation declared by the government.
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