Demand function in economics class 11 notes provides a concise explanation of the concept. These notes are essential for reviewing and studying class material for better comprehension and exam preparation. Using these notes, which are effective and concise, you can save time, energy, and confusion that frequently results from attempting to make sense of unorganized, overwhelming, inadequate, or wordy notes. These notes can be very helpful when making outlines and studying.
Demand Function in economics
The demand function shows the relationship between the quantity demanded of a particular commodity and the factors influencing it. It can be either concerning one consumer (individual demand function) or all the consumers in the market (market demand function).
Individual Demand function
Individual demand function refers to the functional relationship between individual demand and the factor affecting individual demand.
It is expressed as
Dx = f (Px, Pr, Y, T, F)
Where
Dx = Demand for commodity x
Px = Price of the given commodity x,
Pr = Prices of Related Goods
y = Income of the consumer
T = Tastes and Preferences
F = Expectation of change in price in the future.
Market Demand Function
Market demand function refers to the functional relationship between market demand and the factors affecting market demand. The market demand function can be expressed as
Dx = Market demand of commodity x,
Px = Price of given commodity x,
Pr = Prices of related goods;
y = Income of the consumers;
T = Tastes and Preferences,
F = Expectation of change in price in the future;
Po = Size, and composition of population;
S = Season and weather;
D = Distribution of Income.
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Unit 5: Consumer’s Equilibrium and Demand
- Concept of Utility in Economics
- Measurement of Utility in Economics
- Total Utility and Marginal Utility
- Law of Diminishing Marginal Utility
- Conditions of Consumer’s Equilibrium
- Theory of Demand
- What is Demand in Economics
- Demand Characteristics
- Determinants of demand
- Determinants of Market Demand
- Demand Function In Economics
- Demand Schedule | Individual demand schedule | Market demand schedule