1.
What is a demand function ? What are the factors that determine the demand
for a good ?
Answers
Answer:
Many factors determine the demand elasticity for a product, including price levels, the type of product or service, income levels, and the availability of any potential substitutes.
High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price.
Step-by-step explanation:
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Answer:
Demand function is what describes a relationship between one variable and its determinants. It describes how much quantity of goods is purchased at alternative prices of good and related goods, alternative income levels, and alternative values of other variables affecting demand.
The following factors determine market demand for a commodity.
Tastes and Preferences of the Consumers: ADVERTISEMENTS: ...
Income of the People: ...
Changes in Prices of the Related Goods: ...
Advertisement Expenditure: ...
The Number of Consumers in the Market: ...
Consumers' Expectations with Regard to Future Prices: