{"id":2000,"date":"2019-07-27T15:32:56","date_gmt":"2019-07-27T15:32:56","guid":{"rendered":"https:\/\/commerceiets.com\/?p=2000"},"modified":"2019-07-27T15:32:56","modified_gmt":"2019-07-27T15:32:56","slug":"demand-function","status":"publish","type":"post","link":"https:\/\/commerceiets.com\/demand-function\/","title":{"rendered":"DEMAND FUNCTION"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/commerceiets.com\/demand-function\/#DEMAND_FUNCTION\" title=\"DEMAND FUNCTION\">DEMAND FUNCTION<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/commerceiets.com\/demand-function\/#OR\" title=\"OR\">OR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/commerceiets.com\/demand-function\/#FACTORS_AFFECTING_DEMAND\" title=\"FACTORS AFFECTING DEMAND\">FACTORS AFFECTING DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/commerceiets.com\/demand-function\/#OR-2\" title=\"OR\">OR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/commerceiets.com\/demand-function\/#DETERMINANTS_OF_DEMAND\" title=\"DETERMINANTS OF DEMAND\">DETERMINANTS OF DEMAND<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/commerceiets.com\/demand-function\/#INDIVIDUAL_DEMAND_FUNCTION\" title=\"INDIVIDUAL DEMAND FUNCTION\">INDIVIDUAL DEMAND FUNCTION<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/commerceiets.com\/demand-function\/#PRICE_OF_THE_COMMODITY\" title=\"PRICE OF THE COMMODITY\">PRICE OF THE COMMODITY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/commerceiets.com\/demand-function\/#PRICE_OF_RELATED_GOODS\" title=\"PRICE OF RELATED GOODS\">PRICE OF RELATED GOODS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/commerceiets.com\/demand-function\/#INCOME_OF_THE_CONSUMER\" title=\"INCOME OF THE CONSUMER\">INCOME OF THE CONSUMER<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/commerceiets.com\/demand-function\/#CONSUMERS_TASTES_AND_PREFERENCES\" title=\"CONSUMER\u2019S TASTES AND PREFERENCES\">CONSUMER\u2019S TASTES AND PREFERENCES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/commerceiets.com\/demand-function\/#FUTURE_EXPECTATIONS\" title=\"FUTURE EXPECTATIONS\">FUTURE EXPECTATIONS<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/commerceiets.com\/demand-function\/#MARKET_DEMAND_FUNCTION\" title=\"MARKET DEMAND FUNCTION\">MARKET DEMAND FUNCTION<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/commerceiets.com\/demand-function\/#SIZE_OF_POPULATION\" title=\"SIZE OF POPULATION\">SIZE OF POPULATION<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/commerceiets.com\/demand-function\/#DISTRIBUTION_OF_INCOME\" title=\"DISTRIBUTION OF INCOME\">DISTRIBUTION OF INCOME<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/commerceiets.com\/demand-function\/#TAX_POLICY_OF_THE_GOVERNMENT\" title=\"TAX POLICY OF THE GOVERNMENT\">TAX POLICY OF THE GOVERNMENT<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1 class=\"has-text-align-center wp-block-heading\" id=\"demand-function\"><span class=\"ez-toc-section\" id=\"DEMAND_FUNCTION\"><\/span>DEMAND FUNCTION<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"or\"><span class=\"ez-toc-section\" id=\"OR\"><\/span>OR<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"factors-affecting-demand\"><span class=\"ez-toc-section\" id=\"FACTORS_AFFECTING_DEMAND\"><\/span>FACTORS AFFECTING DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"or\"><span class=\"ez-toc-section\" id=\"OR-2\"><\/span>OR <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"determinants-of-demand\"><span class=\"ez-toc-section\" id=\"DETERMINANTS_OF_DEMAND\"><\/span>DETERMINANTS OF DEMAND<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Demand function expresses the functional relationship between <a href=\"https:\/\/commerceiets.com\/demand\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"demand (opens in a new tab)\">demand<\/a> of the commodity and various factors affecting it. In other words, demand function describes the relationship between quantities of the commodity which consumers demand during a specified period and the factor which influence the demand.<\/p>\n\n\n\n<p class=\"has-medium-font-size\">It is of two types:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Individual Demand Function<\/li><li>Market Demand Function<\/li><\/ul>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"individual-demand-function\"><span class=\"ez-toc-section\" id=\"INDIVIDUAL_DEMAND_FUNCTION\"><\/span>INDIVIDUAL DEMAND FUNCTION<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Individual Demand function expresses the functional\nrelationship between demand for a particular product by an individual consumer\nand various factors affecting the demand for that product. In other words, it\nexplains the factors affecting individual demand. It can be expressed as:<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>D<\/strong><sub><strong>x<\/strong><\/sub><strong>= f (P<\/strong><sub><strong>x<\/strong><\/sub><strong>, P<\/strong><sub><strong>r<\/strong><\/sub><strong>,Y, P, E)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>D<sub>x<\/sub> = Demand of X commodity<\/li><li>f= functional relationship<\/li><li>P<sub>x<\/sub>= Price of good X<\/li><li>P<sub>r<\/sub>= Price of related goods <\/li><li>P= Tastes and Preferences<\/li><li>E= Future Expectations  <\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-3.jpg\" alt=\"INDIVIDUAL DEMAND FUNCTION\" class=\"wp-image-2007\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-3.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-3-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide3-3-768x576.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><figcaption>INDIVIDUAL DEMAND FUNCTION<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">The individual determinants of demand are explained as\nfollows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"price-of-the-commodity\"><span class=\"ez-toc-section\" id=\"PRICE_OF_THE_COMMODITY\"><\/span>PRICE OF THE COMMODITY<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The price of the commodity is an important determinant of\ndemand. The price of the commodity is inversely or negatively related to its\ndemand. If the price of the commodity is high, the demand of that commodity\nwill be less. And if the price of the commodity falls, the demand of the\ncommodity will be high.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"price-of-related-goods\"><span class=\"ez-toc-section\" id=\"PRICE_OF_RELATED_GOODS\"><\/span>PRICE OF RELATED GOODS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The demand for any commodity is also affected by the demand\nof related goods.&nbsp; The related goods are\nof two types: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Substitute Commodities<\/li><li>Complementary Commodities<\/li><\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>SUBSTITUTE COMMODITIES:<\/strong> The commodities that can be used in place of each other are known as Substitute Commodities. There is positive relation between the price of one commodity and demand for another commodity in case of substitutes. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example: <\/strong>Coke and Pepsi. <\/p>\n\n\n\n<p class=\"has-medium-font-size\">The increase in price of the coke will increase the demand\nof the Pepsi. The decrease in the price of the coke will decrease the demand of\nthe Pepsi.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>COMPLEMENTARY COMMODITIES: <\/strong>The commodities which are jointly used are known as complementary commodities. The use of complementary goods is not possible without one another. <\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Example: <\/strong>Car and Diesel<\/p>\n\n\n\n<p class=\"has-medium-font-size\">There is negative relation between the price of one\ncommodity and demand for another commodity in case of complementary goods. The\nrise in the price of diesel will decrease the demand for the car and the fall\nin the price of the diesel with increase the demand for the car.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"income-of-the-consumer\"><span class=\"ez-toc-section\" id=\"INCOME_OF_THE_CONSUMER\"><\/span>INCOME OF THE CONSUMER<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The income of the consumer also affects the demand of\ncommodity demanded by the consumer. There is a positive relationship between\nthe income of the consumer and the quantity demanded by him. If the income of\nconsumer increases, he will demand more. And if the income of the consumer decreases,\nhe will demand the commodity less.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"consumer-s-tastes-and-preferences\"><span class=\"ez-toc-section\" id=\"CONSUMERS_TASTES_AND_PREFERENCES\"><\/span>CONSUMER\u2019S TASTES AND PREFERENCES<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">Every consumer has different choice for fashion, tastes and habits. The demand of those commodities will be more for which the consumer has favorable tastes and preferences. On the contrary, the demand for the commodity will be less to which the consumer dislikes.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"future-expectations\"><span class=\"ez-toc-section\" id=\"FUTURE_EXPECTATIONS\"><\/span>FUTURE EXPECTATIONS<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The future expectations regarding price will also affect the\ndemand of that commodity. If there is expectation that the price of the\ncommodity will rise in the future, the consumer will demand the commodity more\nin present. If there is tendency of fall in the price of the commodity in\nfuture, the consumer will demand less in present.<\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\" id=\"market-demand-function\"><span class=\"ez-toc-section\" id=\"MARKET_DEMAND_FUNCTION\"><\/span>MARKET DEMAND FUNCTION<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-medium-font-size\">Market Demand Function expresses the functional relationship\nbetween total demand for a specific commodity made by all the consumers present\nin the market and various factors affecting that demand. In other words, the\nmarket demand function explains the factors which influence the market demand. &nbsp;It can be expressed as:<\/p>\n\n\n\n<p class=\"has-luminous-vivid-amber-background-color has-background has-medium-font-size\"><strong>D<\/strong><sub><strong>x<\/strong><\/sub><strong>= f (P<\/strong><sub><strong>x<\/strong><\/sub><strong>, P<\/strong><sub><strong>r<\/strong><\/sub><strong>,Y, P, E, N, Y<\/strong><sub><strong>D<\/strong><\/sub><strong>, T)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>D<sub>x<\/sub> = Demand of X commodity<\/li><li>f= functional relationship<\/li><li>P<sub>x<\/sub>= Price of good X<\/li><li>P<sub>r<\/sub>= Price of related goods <\/li><li>P= Tastes and Preferences<\/li><li>E= Future Expectations  <\/li><li>N= Size of population<\/li><li> Y<sub>D<\/sub> = Distribution of Income<\/li><li>T= Tax Policy of Government<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"720\" src=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-6.jpg\" alt=\"MARKET DEMAND FUNCTION\" class=\"wp-image-2005\" srcset=\"https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-6.jpg 960w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-6-300x225.jpg 300w, https:\/\/commerceiets.com\/wp-content\/uploads\/2019\/07\/Slide4-6-768x576.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><figcaption>MARKET DEMAND FUNCTION<\/figcaption><\/figure>\n\n\n\n<p class=\"has-medium-font-size\">The market determinants of demand are explained as follows:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"size-of-population\"><span class=\"ez-toc-section\" id=\"SIZE_OF_POPULATION\"><\/span>SIZE OF POPULATION<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The demand for the commodity also gets affected by the size\nof the population. If the population of the country is more, people\u2019s needs\nwill be more and hence the demand will also be high. In the country where the\npopulation is small, the needs of the people will be less and the demand fr the\nproducts will be less.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"distribution-of-income\"><span class=\"ez-toc-section\" id=\"DISTRIBUTION_OF_INCOME\"><\/span>DISTRIBUTION OF INCOME<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The distribution of Income also affects the demand of the\ncommodity. If there is equal distribution of income in the economy, the market\ndemand will be high. This is so because the poor will also have sufficient\nmoney to demand and make purchases. But, if the distribution of income will be\nunequal, the market demand of the goods in that economy, will be low.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"tax-policy-of-the-government\"><span class=\"ez-toc-section\" id=\"TAX_POLICY_OF_THE_GOVERNMENT\"><\/span>TAX POLICY OF THE GOVERNMENT<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p class=\"has-medium-font-size\">The government of the country levy various kinds of taxes such as Direct taxes and Indirect taxes. If the government imposes more taxes, the disposable income of the consumer will be low and the demand will be less. On the contrary, if the government imposes fewer taxes, the disposable income of the consumer will be high and the demand will be more.\u00a0 This is how; the tax policy of the government impacts the demand of the commodities.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link\" href=\"https:\/\/www.linkedin.com\/in\/kajal-mahajan-7549b2197\/\" target=\"_blank\" rel=\"noreferrer noopener\">CONNECT ON LINKEDIN<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><td><strong>Also Study<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/demand\/\">Theory of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-demand\/\">Law of Demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/demand-function\/\">Demand Function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/exceptions-of-law-of-demand\/\">Exceptions of law of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/elasticity-of-demand\/\">Elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/change-in-demand\/\">Change in demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/price-elasticity-of-demand\/\">Price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-law-of-demand-and-elasticity-of-demand\/\">Law of demand Vs Elasticity of demand<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/factors-affecting-price-elasticity-of-demand\/\">Factors affecting price elasticity of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/production-function\/\">Production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-short-run-long-run-production-function\/\">Short run vs long run production function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-variable-proportions\/\">Law of variable proportions<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/types-of-demand\/\">Types of demand<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/managerial-economics\/\">Managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/characteristics-of-managerial-economics\/\">Characteristics of managerial economics<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/scope-of-managerial-economics\/\">Scope of managerial economics<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/utility-analysis\/\">Utility analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-marginal-utility\/\">Law of diminishing marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-equi-marginal-utility\/\">Law of equi marginal utility<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium\/\">Consumers Equilibrium<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/indifference-curve-analysis\/\">Indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/consumer-equilibrium-using-indifference-curve-analysis\/\">Consumer equilibrium using indifference curve analysis<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-tp-ap-and-mp\/\">Relationship between TP, AP and MP<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-increasing-returns\/\">Law of increasing returns<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/law-of-diminishing-returns\/\">Law of diminishing returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/law-of-constant-returns\/\">Law of constant returns<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/returns-to-scale\/\">Returns to Scale<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/economies-and-diseconomies-of-scale\/\">Economies and diseconomies of scale<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/concept-of-costs\/\">Concept of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/relationship-between-ac-and-mc\/\">Relationship between AC and MC<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/traditional-theory-of-cost\/\">Traditional theory of costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/modern-theory-of-cost\/\">Modern theory of costs<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/explicit-vs-implicit-costs\/\">Explicit vs Implicit costs<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/revenue\/\">Revenue<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-competition\/\">Perfect competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-meaning\/\">Monopoly<\/a>&nbsp;<\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/price-discrimination\/\">Price discrimination<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/difference-between-perfect-competition-and-monopoly\/\">Difference between perfect competition and monopoly<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/perfect-and-monopolistic-competition\/\">Perfect Vs Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopoly-and-monopolistic-competition\/\">Monopoly and monopolistic competition<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/product-differentiation-strategy\/\">Product differentiation strategy<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/monopolistic-competition\/\">Monopolistic competition<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/national-income-in-india\/\">National Income in India<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/measurement-of-national-income\/\">Measurement of national income in India<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/commerceiets.com\/consumption-function\/\">Consumption function<\/a><\/td><td><a href=\"https:\/\/commerceiets.com\/keynesian-psychological-law-of-consumption\/\">Keynes Psychological law of consumption<\/a><\/td><td><\/td><td><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>DEMAND FUNCTION OR FACTORS AFFECTING DEMAND OR DETERMINANTS OF DEMAND Demand function expresses the functional relationship between demand of the commodity and various factors affecting it. In other words, demand function describes the relationship between quantities of the commodity which consumers demand during a specified period and the factor which influence the demand. It is&#8230;<\/p>\n<p class=\"more-link-wrap\"><a href=\"https:\/\/commerceiets.com\/demand-function\/\" class=\"more-link\">Read More<span class=\"screen-reader-text\"> &ldquo;DEMAND FUNCTION&rdquo;<\/span> &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2004,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[92],"tags":[],"class_list":["post-2000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-micro-economics"],"_links":{"self":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/comments?post=2000"}],"version-history":[{"count":0,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/posts\/2000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media\/2004"}],"wp:attachment":[{"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/media?parent=2000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/categories?post=2000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/commerceiets.com\/wp-json\/wp\/v2\/tags?post=2000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}