A good’s own price and other variables such as consumers’ incomes, their tastes and preferences, the prices of other goods that serve as substitutes or complements, etc. influence buying decision,.
Economists attempt to capture all of these influences in a relationship called [...] .
A good’s own price and other variables such as consumers’ incomes, their tastes and preferences, the prices of other goods that serve as substitutes or complements, etc. influence buying decision,.
Economists attempt to capture all of these influences in a relationship called [...] .
A good’s own price and other variables such as consumers’ incomes, their tastes and preferences, the prices of other goods that serve as substitutes or complements, etc. influence buying decision,.
Economists attempt to capture all of these influences in a relationship called [...] .
Answer
the demand function
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Open it ence 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 <span>demand function .<span><body><html>
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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