Question

What is demand and demand function?

Answer 1

1. Demand is the quantity of a commodity or a service that people are willing or able to buy at a certain price.
2. A demand function is the amount of a product demanded for each combination of price and the other factors. Quantity Demanded = D(price, contributing factors)
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Answer 2

Answer:

Demand

Demand for a commodity means the quantities of a commodity which consumers are willing and able to purchase at various possible prices during a particular period of time.

$demand \: = \: willingness \: + \: ability \: \: to \: \: pay \: .$

Demand Function

Demand Function states the relationship between the demand for a commodity and its various determinants

i.e. price of a commodity, price of related commodity, income of consumer, taste and expectations of consumers, government policies, etc...

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