Title: Analyzing Demand & Supply Law

Microeconomics

Law of Demand:

According to the law of demand “other things equal, the quantity demanded for a good falls

when the price of the good rises, while on the other hand the quantity demanded for a good rises

when the price of the good falls/decreases”.

PSL Example: Suppose if we apply the law of demand on the final match of PSL by assuming

demand and price like:

Price of Tickets (RS) Number of Tickets Demanded

1000 200k
2000 180k
3000 160k
4000 140k
5000 120k

Explanation: From the table we can observe that as the price of tickets are increasing the

demand for the tickets are falling and vice versa, like when the price for a ticket was RS 1000

then the demand for the tickets was 200k, while when the price has increased to RS 5000 the

demand for tickets decreased to 120k.

PSL
Graph:

Price
Example World 11 VS Pakistan: Similarly applying the law of demand on the final match of

World 11 VS Pakistan by assuming demand and price like:

Price of Tickets (RS) Number of Tickets Demanded

500 200k
1000 180k
1500 160k
2000 140k
2500 120k

Explanation: From the table we can see that as the price of tickets for W11 VS Pakistan cricket

match increases the demand for tickets decreases, like at RS 500 the demand for ticket is 200k,

as the price of a ticket increased to RS 2500 the demand for tickets became 120k.

Graph:

W11 VS PAK

Price

Demand
Law of Supply: According to the law of supply “other things equal the quantity supplied for

goods increases when the price of goods rises and vice versa.

PSL Example: Suppose if we apply the law of demand on the final match of PSL by assuming

the tickets supplied and price like:

Price of Tickets (RS) Number of Tickets Supplied

1000 40k
2000 60k
3000 80k
4000 100k
5000 120k

Explanation: From the above mentioned table we can observe that as the price of tickets

increases the number of tickets supplied by the supplier also increased, like at the price of RS

1000 the tickets supplied are 40k, while at the price of RS 5000 the number of tickets supplied

increased to 120k.

Graph:

PSL

Price
Example W11 VS PAK: Suppose if we apply the law of demand on the final match W11 VS
Tickets Supplied
PAK by assuming the tickets supplied and price like:

Price of Tickets (RS) Number of Tickets Supplied

500 50k
1000 60k
1500 70k
2000 80k
2500 90k

Explanation: From the above mentioned table we can observe that as the price of tickets

increases the number of tickets supplied by the supplier also increased, like at the price of RS

500 the tickets supplied are 50k, while at the price of RS 2500 the number of tickets supplied

increased to 90k.

Graph:

W11 VS PAK

Price

Tickets Supplied