Advertisements
Advertisements
Question
What is demand function?
Solution
Demand function expresses the relationship between the demand for a commodity and the factors determining demand.
RELATED QUESTIONS
Explain any three factors that affect the demand for a commodity.
Give one example of a pair of complementary goods.
What will be the impact of a rise in price on the demand for its complementary goods?
Which of the following pairs of goods are most likely substitutes?
If due to fall in the price of good X, demand for Y rises, the two goods are ______.
Goods X and Y are complements when they are ______.
The demand for a Good X increases when the price of its substitute ______ OR when the price of its complements ______.
Mobile phones and SIM cards are examples of ______.
State two important determinants of demand.
What are inferior goods?
What do you mean by substitute goods?
What do you mean by complementary goods?
Explain the impact on demand of complementary goods.
If price of X increases, then demand for Y too increases. What is the relationship between goods X and Y? Give an example.
What do you mean by a normal good?
Explain any four factors affecting the demand for a commodity.
Give two examples of substitute goods.
What are Veblen goods?
Tea and coffee are examples of ______.
