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Demand Curve and Supply Curve

Picture this. The cost of a complementary remarkable- peanut butter- decreases considerably. Since peanut butter is a complementary good to high-quality organic bread, a reduction in the price of peanut butter will significantly increase the quantity demand of high-quality organic bread. When consumers purchase peanut butter, organic bread is also purchased. If the cost of peanut butter tends to decrease, then consumers will also purchase more high-quality organic bread as it is a complement to peanut butter. This is what is known as the ‘demand curve’ or a ‘shift in the demand curve’.

This crucial term is most likely to be familiar to you, especially if you are an economics student. As a matter of fact, it is one of the most vital topics of this field. Securing whopping grades in this paper demonstrates your innate knowledge in this field, thereby opening up new horizons. So, here are some intriguing fundamentals about the demand curve to help you comprehend the term. You can always avail unwavering guidance at the world’s No.1 assignment help company, MyAssignmenthelp.com. Nevertheless, you should also keep the following aspects in mind to deliver a flawless paper and to embrace the marksheet of your dreams this upcoming semester.

What Is The Demand Curve?

Trying to figure out what the demand curve truly is? Find out your answer right here.

• The demand curve refers to a graphical representation of the relationship between a good or service price and the quantity demanded for a given period of time. 
• It is often drawn with a price on the vertical axis of the graph and quantity demanded on the horizontal axis.
• The relationship remains contingent on certain conditions remaining constant. These conditions include the number of consumers in the market, consumer tastes or preferences, prices of substitute goods, personal income, and consumer price expectations.
• A change in one or more of these conditions causes a change in demand. This is reflected by a shift in the location of the demand curve. If demand decreases, the entire curve will move to the right. This implies huge quantities will be demanded at every price. If the curve shifts to the left, it signifies total demand has dropped for all price levels.

• For example, let’s say you love corn. Now, if the price of corn rises, you will have an incentive to purchase less corn and substitute it for other foods. Thus, the total quantity of corn consumer’s demand will fall. 

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Supply And Demand Curve Definition- A Brief Overview

As per economists, demand shows how much of a product consumers are willing to purchase at different price points during a certain time period. The total number of units purchased at that price is called the quantity demanded. A demand curve demonstrates the relationship between quantity demanded and price in a given market on a graph.

While demand explains the consumer side of purchasing decisions, supply relates to the seller’s desire to make a profit. The law of supply asserts that a higher price typically leads to a higher quantity supplied.  A supply curve demonstrates the relationship between quantity supplied and the price on a graph.

The Supply and Demand Curve is a crucial concept that employers in this field expect their candidates to be well-versed in. Thus, if you need more information on this vital topic, do not think twice before having a word with our team.

What Does The Demand Curve Show?

Hundreds and thousands of students reach out to us every day, seeking guidance to comprehend an extensive idea of the demand curve. Does understanding the demand curve seems like an uphill task to you too? Then, talk to the retired professors from reputed institutes and the best academicians on our team.   

The demand curve indicates a visual representation of how many units of good or service will be purchased at each possible price. It plots the relationship between price and quantity that has been calculated on the demand schedule. Now, to understand what the demand curve shows, here’s the graph you need to understand diligently first-

This is a basic and comprehensive demand curve graph. As you can see in this graph, the quantity is on the horizontal (x) axis and the price is on the vertical (y) axis. This chart shows the conventional relationship between quantity and the price. The lesser the price, the higher is the quantity demanded. If you look at this graph carefully, you will understand as price decreases from p0 to p1; the quantity will increase from q0 to q1.

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What Happens To The Individual Demand Curve As The Price Of An Item Increases?

The purpose of this segment is to make you familiar with the different kinds of tricky questions you may encounter in your economics paper.

Now, a change in the price of an item shifts the demand curve. There is a simple movement from one point of the demand curve to another.

Let’s look at an example to understand the concept better.  The price of the double cheese burst chicken pizza increases, which you absolutely love. Then, the demand for pizza does what?

In simple words- it falls a little! However, it also depends on the item. Some goods are more affected by price than others. If the price of the pizza you love increases by three folds, then there will be a significant fall in demand as people will opt for cheaper substitutes. At the same time, if an essential item like petrol increases in price, there will be only a small fall in demand.

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Explain The Factors Affecting The Demand Curve

By now, we hope you have a fair and lucid idea of the demand curve and supply curve. Let’s now try to figure out the factors that affect the shift in the demand curve.

A shift to the right in the demand curve can take place for innumerable reasons as listed below-

• Income

An increase in disposable income enables customers to be able to afford more goods and improve their lifestyle. Higher-income could occur for various reasons, such as the increase in wages or reduction in taxes.

• Quality

A significant increase in the quality of product like supreme quality digital cameras with premium features encourages people to purchase one. Thus, its demand increases.

• Advertising

Advertising can increase brand loyalty to goods and cause an increase in demand. Like, higher spending on advertising by Coca Cola has increased global sales.

• Substitutes

An increase in the cost of the substitutes also can impact the demand curve. Like, if the price of Samsung mobile phones increases, this will, in turn increase the demand for Apple iPhones- a major substitute for Samsung.

• Complements

A decrease in the price of complements will also increase the demand. Like, a lower cost of Play Station 2 will increase demand for compatible Play Station games.

• Weather

In cold weather, the demand for fuel and warm weather clothes will increase. Thus, there will be a shift in the demand curve.

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