GENERAL KNOWLEDGE

Detailed explanation-1: -Demand function shows the functional relationship between Quantity demanded for a commodity and its various Determinants. The quantity demanded is inversely related to price of the products, i.e., if prices fall, the demand will increase.

Detailed explanation-2: -The demand curve shows just the relationship between price and quantity. If one of the other determinants changes, the entire demand curve shifts. If the quantity demanded responds a lot to price, then it’s known as elastic demand. If demand doesn’t change much, regardless of price, that’s inelastic demand.

Detailed explanation-3: -Determinants of individual demand are the cost of related goods and services, cost of the commodity, income of the consumer, number of consumers in the market, and consumer expectation. The cost of goods and services is a common determinant of demand and supply.

Detailed explanation-4: -The Law of Demand and the Demand Curve It simply states that as the price of a commodity increases, demand decreases, provided other factors remain constant. Also, as the price decreases, demand increases. This relationship can be illustrated graphically using a tool known as the demand curve.

Detailed explanation-5: -Demand function is a function that states the relation between two or more variables, such as prices and quantities demanded. In a given market in a given period of time, the demand function for a good is the relation between the various quantities of the good that might be bought and the prices of those quantities.