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Expansion and Contraction of Demand notes-CSEET

Expansion and Contraction of Demand notes-CSEET

Expansion and Contraction of Demand:

ICSI CSEET: The Council of the ICSI has released a notice regarding CSEET on the day of the inauguration of ICSI Golden Jubilee Celebrations on 4th Oct 2017.

The Gazette Notification on the Company Secretaries (Amendment) Regulations, 2020 has been published on 3rd February 2020 in the Official Gazette of India and the same shall be applicable from the said date of publication.

Now ICSI Published a notice regarding CSEET Test which going to start from 2020 May.

We are now going to discuss the details of CSEET Paper-3 Economics and Business Environment notes – Expansion and Contraction of Demand notes.

Expansion and Contraction of Demand

Expansion and Contraction of Demand

Expansion and Contraction of Demand:

Expansion of demand refers to the period when quantity demanded is more because of the fall in prices of a product. However, contraction of demand takes place when the quantity demanded is less due to rise in the price o a product.Expansion and contraction are represented by the movement along the same demand curve.

Contraction is also a case of variation of demand. It takes place when quantity demanded is less due to rise in price alone. Other factors remaining constant.

Extension of demand is a case of variation of demand. It takes place when quantity demanded is more due to a fall in price alone. Other factor remaining constant.

When quantity demanded of a commodity increases as a result of the fall in the price, it is called extension (or expansion) in demand and when the quantity demanded decreases as a result of an increase in the price of the commodity, it is called contraction in demand. The following is the diagrammatical presentation of expansion and contraction of demand

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