Alfred Marshall Definition:

Alfred Marshall defined that “the greater the amount sold, the smaller should be the price at which it is offered, in order that it might find purchasers; or in another words, the amount demanded raises with a fall in price and diminishes with increase in price”. According to Ferguson, the law of demand is that the amount required differs inversely with price.

Therefore the law of demand defines that people will buy more at lower prices and buys less at higher prices, other things remaining similar. By other things remaining similar, we mean the following suppositions.

Assumptions of the Law:

1. No transform in the consumer’s income.
2. No modifications in consumer’s preferences and tastes.
3. No alters in the prices of another goods
4. No new replacements for the goods have been revealed
5. People do not feel that the current fall in price is a prologue to a further refuse in price.

Demand schedule is a tabular statement viewing how much of a commodity is demanded at various prices.

Latest technology based Economics Online Tutoring Assistance

Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Theory of Demand help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Theory of Demand, project ideas and tutorials. We provide email based Theory of Demand help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Theory of Demand. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Theory of Demand. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.