Other things being equal (that is, the Ceteris Paribus assumption)

Emphasizing the Ceteris paribus assumption when stating the law of demand indicates that “other things are held constant”. This is necessary because price is not the only thing that affects acquisitions. There are many others that affect purchases and income levels of consumers is one of them. Concurrently, if the price of a product is changing and income levels of customers is also changing, it would be difficult to know whether the change in quantity bought is due to a change in the price or to a change in the income. Therefore, income levels of consumers as well as other factors that could affect the quantity of a product bought are held constant except the price of the product under study. In summary, holding all other things equal obviously implies holding prices of other goods, tastes, advertising, etc. constant when stating the law. Implicitly, the concentration is on the price change of the product under study relative to all other prices. The price that is paid for a product at any time is the absolute or nominal price. Consumers buying decision however depends on relative not absolute price.

Gm frens
Let's read something Economics...

Demand is the quantities of a product that consumers are willing and able to purchase at various prices during a specific period of time.

Demand is a desire that is backed by the willingness and ability to pay for the product. when a want is backed by purchasing power it results in effective demand.

Want can be called ineffective demand and demand is same as effective demand

Want is the desire for a commodity which is not backed by ability to pay

Price is the value of an economic good in terms of money or the amount paid for a good or a service. The relative price of a product is its price compared to that of other products.

Quantity demanded of a product implies the number of the product that is bought at a particular price.

The Law of Demand
The term “Law” in economics, mostly refer to a fundamental principle or rule that describes a regularity or pattern observed in economic behaviour or relationship.

The law of demand states that “other things being equal, at a higher price of a product, less quantity will be bought and at a lower price, a greater quantity is acquired”.

Heyyo Frens, happy Friday! 💜

Last week, the first Phavercoin snapshot proposal passed, and the Phairdrop Season 2 end date was moved to 7th November.

First off, as a thank you to voters, here’s the Voter SBT: app.galxe.com/quest/phaver/GChNXtKFxd - Mint with the wallet you voted with and connect it to Phaver to show it off and earn 10p per day 😎 Due to a Snapshot bug, we’ve also made all Cyber $SOCIAL holders (as of 2nd of October) eligible to mint.

Second, as proposed, we’re rewarding loyal users who held their entire claimed S1 allocation in Phaver during the first 7 days with the Diamond Hand SBT. You needed to hold equal or more $SOCIAL than you claimed in S1, with a minimum requirement of 1000 $SOCIAL for the first 7 days. Link: app.galxe.com/quest/phaver/GCyABtKWsC Mint with primary wallet and refresh assets to earn 20C, 150p daily. 🙌💎

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Gm fren 🦄😇

Island and beach vibes in Ada Foah - Ghana📍🇬🇭 Ada is a whole vibe 🏝️🌊🌤️ Breezy feels!!! 🔥🤗 Ghana is such a beautiful place🕺🏽🥂

ADA FOAH, is a town on the southeast coast of Ghana, where the Volta River meets the Atlantic Ocean. The town is located along the Volta River, off of the Accra-Aflao motorway. Known for palm-lined beaches and estuary islands. Ada Foah is famous for water sports like swimming, sailing, fishing and boat cruises.

#nature #travel #landscape #explore

🥂CELEBRATORY GIVEAWAY🥂

To commemorate reaching 200k points on @phaver I’m thrilled to give back to the community! I’m excited to announce a giveaway for: 1 Bronze Phaver Cred Pass! This pass grants you 6 Cred + 100 points daily (until Nov 7th)

How to enter:

1. Follow me on Phaver: app.phaver.com/7zkz26tKjS91Pbhq5 and X x.com/samuela97175679?s=21&t=uhFCzZovx-I_p4z-Gg_GuQ
2. Join my Telegram channel: t.me/sammysacademy
3. Phave and repost
4. Comment LKP 🦄🥂

A random winner will be selected and announced shortly! Good luck, and thank you for being an amazing Phaver community!