#4 Theory of Demand | Microeconomics | Class 11 | Exceptions to Law of Demand | Written Notes

#4 Theory of Demand | Microeconomics | Class 11 | Exceptions to Law of Demand | Written Notes | Why Demand Curve Slopes Downwards | Why Consumer Demands More of Commodities at lower price

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Hello Friends,
I Rishab Jolly welcomes you to my channel Economics By JOLLY Coaching

This video is the 4th part of Chapter - Theory of Demand of class 11 and class 12 from Microeconomics. In this video i have explained about Why Demand Curve Slopes Downward and What are the exceptions to the law of demand.

A rational consumer will buy more of quantity of the product as there is negative relation between price of our product and commodities.
Other than this following are the major causes which explains why a consumer purchases more of goods at lower prices:-
1. Law of Diminishing Marginal Utility
2. Income Effect
3. Substitute Effect
4. Size of Consumer Group
5. Different Uses

Law of demand states that there is negative relation between price of our product and commodity other things remain same. But there are some exceptions to this law. It means there are some goods for which this law does not work:-
1. Article of Distinction
2. Giffen Goods
3. Consumer Judging the quality of product from there prices.

Topics:-
1. Theory of Demand | Theory of Consumer Behavior
2. Theory of Demand | Class 12 | Class 11 | Microeconomics
3. Law of Demand | Table and Diagram
4. Law of Demand | Assumption of Law of Demand | Class 12 | Class 11
5. Theory of Demand | Class 11 | Law of Demand
6.  Exceptions to Law of Demand
7.  Why Demand Curve Slopes Downward

I hope this video will help you to understand the concept of Demand.
Thanks
Economics By JOLLY Coaching

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