Individual Demand in Microeconomics Homework Help
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It is not usual for a student studying Microeconomics to invest his efforts in establishing the correlation between various graphs and curves. However, with the advent of time, most of the students realize that a major chunk of their time is spent in either analyzing or studying graphs and charts. This situation calls for Individual demand in microeconomics assignment help, mostly online.
Individual demand is one such subject. The study of this subject is incomplete without studying the curves of the associated graph.
Individual demand in microeconomics
Individual demand is referred to the study of quality of good. It clearly shows what all goes in the making of a good, and how the product can maintain its quality and availability over a period of time.
Few Characteristics are:
- The graph should be in sync with the laws of demand
- It clearly shows the need of the commodity in a specific market
- It is based on real time data and not on any imaginary calculation
Understanding the law of demand
Law of Demand says that if the price of consumer durable increases, then the demand decreases and if the price decreases, then the demand increases. If the price is high, then the demand for the product remains less, and if the price is low, then the demand increases considerably.
This is also called the Intuitional Law, as a consumer can easily gauge the relationship. If there is a sale going on, then the price will be low with an increase in the number of buyers. Same goes for other products and offers like travel tickets and restaurant coupons.
The demand curve
The Demand curve remains indirectly proportional to the cost of the product, as higher the cost, lower is the demand and lower the cost, higher is the demand.
Understanding individual demand in microeconomics
When it comes to the application in case of durables, the relationship with the quality becomes tricky. For a better quality, an individual has to shell out more money, and hence the price of the commodity will remain high. On the contrary, if the price of a product is less, then the demand will be high with some compromise in quality as well.
Problems which students face in individual demand in microeconomics assignment help
Individual demand in microeconomics homework help is often sought by students to understand the complicated layers involved between pricing, input cost and demand. A lot of times the graph curves seem to overlap and it deviates the students from pursuing the subject further.
Individual demand in microeconomics homework help offered by our experts at helpmeinhomework has been designed to ensure step by step understanding of the subject.
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