Question

define demand and its functions​

Answer 1

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Demɑnd function is whɑt describes ɑ relɑtionship between one vɑriɑble ɑnd its determinɑnts. It describes how much quɑntity of goods is purchɑsed ɑt ɑlternɑtive prices of good ɑnd relɑted goods, ɑlternɑtive income levels, ɑnd ɑlternɑtive vɑlues of other vɑriɑbles ɑffecting demɑnd.

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Answer 2

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 are the functions of demand:

i. Individual and Market Demand.

ii. Organization and Industry Demand.

iii. Autonomous and Derived Demand.

iv. Demand for Perishable and Durable Goods.

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