what is demand

Demand function refers to the functional relationship between the demand for a commodity and the variables that affect the demand. The individual demand function is represented as follows.

DX = f(PX, PY, Y, T)

Where,

DX  represents demand for good X

PX  represents price of good X

PY  represents price of good Y

Y represents income of the consumer

T represents tastes and preferences

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what is demand function?

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