Changes in demand:
Extension and contraction of demand:
The demand curve does not vary its position here. Whenever change in demand for a commodity is totally due to a modification in its price, it is termed as extension or contraction of demand. The extension or contraction in demand is movements on or all along the given demand curve. It is shown in figure below:
Whenever the price of a good is OP, demand is OQ. When the price of good falls to OP2, demand expands to OQ1. Therefore extension in demand is QQ1. On other hand, if the price of good rises to OP1 demand bonds to OQ2. Therefore contraction in demand is QQ2.
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.
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!