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#cfa #cfa-level-1 #economics #microeconomics #reading-13-demand-and-supply-analysis-introduction #study-session-4

In general, a function is a relationship that assigns a unique value to a dependent variable for any given set of values of a group of independent variables*.*

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**3.1. The Demand Function and the Demand Curve**

n, such as consumers’ incomes, their tastes and preferences, the prices of other goods that serve as substitutes or complements, and so on. Economists attempt to capture all of these influences in a relationship called the demand function . (<span>In general, a function is a relationship that assigns a unique value to a dependent variable for any given set of values of a group of independent variables.) We represent such a demand function in Equation 1: Equation (1) Qdx=f(Px,I,Py,...) where Qdx represents the quantity demanded of some good X (su

n, such as consumers’ incomes, their tastes and preferences, the prices of other goods that serve as substitutes or complements, and so on. Economists attempt to capture all of these influences in a relationship called the demand function . (<span>In general, a function is a relationship that assigns a unique value to a dependent variable for any given set of values of a group of independent variables.) We represent such a demand function in Equation 1: Equation (1) Qdx=f(Px,I,Py,...) where Qdx represents the quantity demanded of some good X (su

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