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Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods?
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Which one of the following are assumed to remain same while drawing an...
Factors assumed to remain same while drawing an individual's demand curve for a commodity:
Preference of individual:
- The preference of an individual for a particular commodity is assumed to remain constant when drawing the demand curve. Preferences are subjective and can vary from person to person, but for the purpose of analyzing demand, it is held constant.
His monetary income:
- The monetary income of the individual is assumed to remain constant when drawing the demand curve. This is because the demand curve shows the relationship between the price of a commodity and the quantity demanded, holding income constant.
Price of related goods:
- The price of related goods is assumed to remain constant when drawing the demand curve for a single commodity. This is to isolate the effect of the price of the commodity in question on the quantity demanded, without the influence of changes in the prices of other goods.
Price of commodity:
- The only variable that changes when drawing an individual's demand curve for a commodity is the price of the commodity itself. As the price of the commodity changes, the quantity demanded by the individual also changes, leading to a downward-sloping demand curve.
Preference of individual:
- The preference of an individual for a particular commodity is assumed to remain constant when drawing the demand curve. Preferences are subjective and can vary from person to person, but for the purpose of analyzing demand, it is held constant.
His monetary income:
- The monetary income of the individual is assumed to remain constant when drawing the demand curve. This is because the demand curve shows the relationship between the price of a commodity and the quantity demanded, holding income constant.
Price of related goods:
- The price of related goods is assumed to remain constant when drawing the demand curve for a single commodity. This is to isolate the effect of the price of the commodity in question on the quantity demanded, without the influence of changes in the prices of other goods.
Price of commodity:
- The only variable that changes when drawing an individual's demand curve for a commodity is the price of the commodity itself. As the price of the commodity changes, the quantity demanded by the individual also changes, leading to a downward-sloping demand curve.
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Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods?
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Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods?.
Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following are assumed to remain same while drawing an individual's demand curve for a commodity? a . The preference of individual b. His monetary income c. Price of commodity d. Price of related goods?.
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