what do you mean by demand function ? Explain the determination of demand
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Demand function is an algebraic expression that shows the functional relationship between the demand for a commodity and its variousdeterminants affecting it. This includes income and price along with other determining factors.
aarif92:
what?
where
explain the condition of consumers equilibrium in case of one commodity
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A consumer is in equilibrium when given his tastes, and price of the two goods, he spends a given money income on the purchase of two goods in such a way as to get the maximum satisfaction, According to Koulsayiannis, “The consumer is inequilibrium when he maximises his utility, given his income and the market prices. ...
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Consumer Equilibrium In Case of a Single Commodity – Utility Analysis.Consumer's equilibrium is a situationwhen he spends his given income on purchase of one or morecommodities in such a way that he gets maximum satisfaction and has no urge to change this level ofconsumption, given the prices ofcommodities.
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