What do you understand by demand function? Explain linear demand function non-linear demand function shift in demand curve?
Answers
In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.
A linear demand curve is the graphical representation of the relationship between the price of a good and the quantity of that good consumers are willing to pay at a certain price at a point in time. The slope, or rate that the line rises or falls, is equal to the difference between two quantities of a product -- usually represented on the horizontal axis on the graph -- divided by the difference price of two points of the graph -- usually on the vertical axis.
A non linear demand curve is one which is not straight (but not as in the cases of perfectly elastic and perfectly inelastic). This means that decrease in price does not lead to an equal increase in the quantity demanded.
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