2 years, 7 months ago
show by illustrations the effect of increase in the price of car on the demand for petrol
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In below image, car price is on Y-axis and Petrol demand is on X-axis.
When Car prices drop, the consumer can purchase the car easily and when more car are purchased, more fuel is needed to run them and as a result, petrol demand raises.
Eg. When car price is "P1", petrol demand is "D1". But when the price of cars is dropped to "P2", petrol demand increases to "D2".
Hope this might help.
When Car prices drop, the consumer can purchase the car easily and when more car are purchased, more fuel is needed to run them and as a result, petrol demand raises.
Eg. When car price is "P1", petrol demand is "D1". But when the price of cars is dropped to "P2", petrol demand increases to "D2".
Hope this might help.
images:
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