Besides a good’s own price, other variables also have influence on purchase decision, such as [...], [...], the prices of other goods that serve as substitutes or complements, and so on.
Besides a good’s own price, other variables also have influence on purchase decision, such as [...], [...], the prices of other goods that serve as substitutes or complements, and so on.
Besides a good’s own price, other variables also have influence on purchase decision, such as [...], [...], the prices of other goods that serve as substitutes or complements, and so on.
Answer
consumers’ incomes, their tastes and preferences
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Open it Although a good’s own price is important in determining consumers’ willingness to purchase it, other variables also have influence on that decision, 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 .</spa
Original toplevel document
3.1. The Demand Function and the Demand Curve yers will choose to buy less of it, and as its price falls, they buy more. This is such a ubiquitous observation that it has come to be called the law of demand , although we shall see that it need not hold in all circumstances.
<span>Although a good’s own price is important in determining consumers’ willingness to purchase it, other variables also have influence on that decision, 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 . (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 deman
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