Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. An increase in the price of a good may arise from an increase in the price of its substitute, ceteris paribus.’ Explain this statement using an example from the leisure or tourism sector.

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A: W have C=200+0.25YD   I=150+0.25Y-1000i G=250 T=200 Money demand: MPd=2Y-8000iMoney supply: MP=1600

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A:

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