Illustrates the Demand function of a commodity

Illustrates the Demand function of a commodity?

Comments & Conversion

Expert

Verified

Demand function of a commodity can be described as given below:
D = f (P, Y, T, Ps, U)

Here, Quantity demanded is D and Price of the commodity is P, Y is Income of the consumer, Taste and preference of consumers is T and Ps is Price of substitutes as well as U is Consumers expectations & others and f is Function of (shows how variables are associated).

Related Questions in Managerial Economics

Q : Regression-Correlation statistical

Illustrates the Regression and Correlation statistical method of Demand Forecasting?

Q : Why is wealth definition of economics

Why is wealth definition of economics criticized?

Q : Screening job hiring decisions The

The concept that employers artificially utilize formal training and education while screening job applicants to make hiring decisions is termed as: (w) nepotism. (x) formalism. (y) human capital discrimination. (z) credentialism.

Q : Explain about perfectly price elastic

I have a problem on perfectly price elastic supply curve that is given below: A perfectly price elastic supply curve is: (w) vertical. (x) horizontal. (y) positively sloped. (z) negatively sloped.

Q : Illustrates definition and meaning of

Illustrates the definition and meaning of managerial economics?

Q : Increases in labor force participation

When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a move to equilibrium at D0L, S1L would be probably to follow from increases in: (w) rates of technological advance. (x) the cost of living. (y) labor force participati

Q : Explain the Proportional Method of

Explain the Proportional Method of Measurement of Elasticity.

Q : Resources and Products Flow Model I

I have a problem in economics on Resources and Products Flow Model. Please help me in the following question. The eventual owners of all resources and products in the society are as follows: (i) households. (ii) Firms. (iii) The tax-paying public. (iv

Q : Merits and demerits of Scarcity

What are the merits and demerits of Scarcity Definition of economics?

Q : Purely competitive equilibrium labor

When this purely competitive labor market is firstly in equilibrium at D0L, S0L, an increase within the price of output will result into equilibrium being attained at: (w) D0L, S0L. (x) D1L, S1L. (y) D2L, S1L. (z) D1L, S0L.

Discover Q & A

Leading Solution Library

Avail More Than 1459129 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1924097
Asked

3,689

Active Tutors

1459129

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment