Class 12 Exam  >  Class 12 Questions  >  if it is compulsory to take price on yaxis nd... Start Learning for Free
if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why
Most Upvoted Answer
if it is compulsory to take price on yaxis nd quantity demanded on x-a...
Introduction:
The demand curve is a graphical representation that shows the relationship between the price of a product and the quantity of that product demanded by consumers. It is a fundamental concept in economics and is used to understand consumer behavior and market dynamics. When constructing a demand curve, it is essential to follow certain guidelines regarding the placement of variables on the axes.

Compulsory Placement:
The demand curve is conventionally constructed with price on the y-axis (vertical) and quantity demanded on the x-axis (horizontal). This placement is not arbitrary but is based on several key reasons and principles.

Law of Demand:
The law of demand states that as the price of a product increases, the quantity demanded decreases, holding other factors constant. This inverse relationship is the foundation of the demand curve. By placing price on the y-axis and quantity demanded on the x-axis, the downward slope of the curve reflects the negative relationship between price and quantity demanded.

Price Determination:
Price is an essential factor in determining the quantity demanded. It directly influences consumer behavior and their willingness to purchase a product. By placing price on the y-axis, the demand curve visually represents the effect of price changes on quantity demanded. It allows economists and market participants to analyze the impact of price fluctuations on consumer demand.

Quantity Determination:
Quantity demanded is a dependent variable that responds to changes in price. By placing it on the x-axis, the demand curve showcases the relationship between price and quantity demanded. It helps in understanding the quantity of a product consumers are willing and able to purchase at different price levels.

Visual Representation:
The conventional placement of price on the y-axis and quantity demanded on the x-axis allows for a visually intuitive representation of the demand curve. The downward-sloping curve clearly illustrates the relationship between price and quantity demanded, making it easier to interpret and analyze.

Conclusion:
The placement of price on the y-axis and quantity demanded on the x-axis in a demand curve is compulsory due to several reasons. It aligns with the law of demand, highlights the impact of price changes on quantity demanded, and allows for a visually appealing representation of the relationship. By following these guidelines, economists and market participants can effectively analyze consumer behavior and make informed decisions in various industries.
Community Answer
if it is compulsory to take price on yaxis nd quantity demanded on x-a...
plz ans me
Explore Courses for Class 12 exam
if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why
Question Description
if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why.
Solutions for if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why in English & in Hindi are available as part of our courses for Class 12. Download more important topics, notes, lectures and mock test series for Class 12 Exam by signing up for free.
Here you can find the meaning of if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why defined & explained in the simplest way possible. Besides giving the explanation of if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why, a detailed solution for if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why has been provided alongside types of if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why theory, EduRev gives you an ample number of questions to practice if it is compulsory to take price on yaxis nd quantity demanded on x-axis in demand curve?? and why tests, examples and also practice Class 12 tests.
Explore Courses for Class 12 exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev