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Economis 2
Economis 2
Demand Function is the relation between quantity demand and price of demand, price of substitute,
price of compliments, income of buyer, population, advertisement, taste, fashion, weather.
Other factors: price of substitute, price of compliments, income of buyer, population, advertisement,
taste, fashion, weather.
Market demand is the demand of all consumers while Individual demand is the demand of single
consumer or household.
Law of demand does not apply to basic necessities of life, use as confer distinction, change in income,
ignorance of the customer, uncertain conditions.