Law of Demand by Binary Hui https://padlet.com/huibinary/v0oeudcckagtfugf Made with a lightning strike of genius en-us 2021-11-30 03:17:50 UTC 2025-11-17 00:58:39 UTC hello@padlet.com https://www.investopedia.com/terms/l/lawofdemand.asp huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919508307 The amount spent on a good or service is a measure of the cost when all other things are equal. If nothing else changes, customers will buy fewer of this when the price increases. They'll purchase more when the price reduces.
This relationship ensures that "all other factors remain equal." That factor is so important that economists use the Latin phrase ceteris paribus to describe it.
The law of demand can be used to determine why goods are priced the way they are. The law of demand is used by merchants every time they offer a sale, for example. In the short run, everything else is equal. Sales are very good at increasing demand. Customers are fast to respond to price reductions that are advertised.

]]> 2021-11-30 03:40:40 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919508307 https://economictimes.indiatimes.com/definition/law-of-demand huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919508973 When prices vary, the law of demand governs consumer behaviour. When the price of a good rises in the market, while all other factors affecting demand remain constant, the demand for that good falls. This is a normal consumer decision-making process. This occurs when a customer is hesitant to spend more on a product because they are afraid of running out of money.
According to the rule of demand, if all other parameters remain constant, the relative price demand of any service or product are inversely connected. Whenever the price of a thing rises, the demand for that product will drop.]]> 2021-11-30 03:41:05 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919508973 https://corporatefinanceinstitute.com/resources/knowledge/economics/law-of-demand/ huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919512072 When all other factors are equal, the amount purchased of a good or service is a function of price. When the price of something rises, consumers will buy less of it if nothing else changes. When the price drops, they'll buy more.
 "all other things stay equal," this relationship maintains. That element is so crucial that economists use the Latin term ceteris paribus to express it. 
We can use the law of demand to figure out why things are priced the way they are. Every time a merchant offers a sale, for example, they employ the law of demand. Everything else is equal in the near term. Sales are particularly effective in generating demand. Customers react quickly to price reductions that are promoted.]]> 2021-11-30 03:42:32 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919512072 https://www.thebalance.com/law-of-demand-definition-explained-examples-3305707 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919514676 The website demonstrates demand elasticity. Demand curves come in a variety of shapes and sizes, each with its own flexibility. It will influence how prices vary along the curve, for example, in inelastic demand, a very big price rise is required to effect quantity demand.

It's easy to understand how an increase in a product's price affects our purchase habits. There are many replacements for some elastic commodities, such as soft drinks, thus the elasticity is great. Other beverages, such as milk or juice, are available. We must use less substitution for other inelastic products, such as gas. As a result, even though petrol prices are rising, we have no choice but to pay more.

]]> 2021-11-30 03:44:04 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919514676 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919541914 With an example, it explains the premise of the law of demand, which states that as prices rise, quantity decreases. All of the chocolate's pricing points are connected to a demand curve.

It also adds at the end of the film that various factors other than pricing will influence the price, which is move to the right.]]> 2021-11-30 04:06:13 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919541914 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919542668   it mentions the basis of the law of demand when price increase quantity will decrease with an example.  with all price spots of the chocolate, its links to a line of demand curve

it also mentions at the end of the video that there will be some factors other than price will affect the damnd of price, which shift to the right ( you want more of it ). such as the musician you like eating that chocolate.]]> 2021-11-30 04:06:51 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919542668 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919544554 If nothing else changes, a fall in the price of a good will lead to a rise in the amount required, and vice versa. When the price rises, the amount demanded falls.]]> 2021-11-30 04:08:27 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919544554 https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919545083  the photo shows the elastic of demand. there are several types of demand curve with different elasticity.it will affect how the price changes along the curve such as in inelastic demand, we need a very large price increase to affect the quantity demand. 

It is not hard to see how the increase in the price of the product, affect our purchasing habit. For some elastic goods such as soft drinks, there are lots of substitutes, therefore the elasticity is high. We can drink other stuff such as milk, or juice. For other inelastic products, such as gas. we have to sue it with less substitute. Therefore even gas price is up, we have no choice but pay more.

 

]]> 2021-11-30 04:08:54 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919545083 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919545477 As the example on the video, the local farmer selling the corn at the price of $5 so the buyer with $50 can buy 10 bushels. As the price goes down to $4, the buyer will attend to get more with the new lower price. Moreover, marginal utility is what makes consumer want to buy the good with the low price than the average price.]]> 2021-11-30 04:09:14 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919545477 huibinary https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919598530 This photo shows the demand of the good and the price that will effect it.]]> 2021-11-30 04:56:26 UTC https://padlet.com/huibinary/v0oeudcckagtfugf/wish/1919598530