Define Demand function -Microeconomics | Management Notes

Define Demand function
Demand | Microeconomics
Management Notes

Ans) Demand function is defined as the relationship between demand for a commodity and its determinants.It can be expressed as:
Dx=f(Px,Y,Pr,A,T….)

Where,

  • Dx=Demand for X-Commodity
  • Px=Price of X-commodity
  • Y=Income of the consumer
  • Pr=Price of related goods
  • A=Advertisement expenditure
  • T=Taste and Preference of the consumer

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