Answer to Question #143882 in Finance for Mr. Dinesh Pal Singh

Question #143882
25. What do you understand by demand function? Explain
Linear demand function
Non-linear demand function
Shift in demand curve
1
Expert's answer
2020-11-17T07:28:47-0500

Demand function relates the quantity of commodities in a given economy which consumers buy in consideration of the prices of alternative commodities,prices and levels of income of consumers in the same economy that affects demand of goods and services in their market.

On the other hand,linear demand function refers to the quantity of commodities which are availed to the consumers at a given market,which they will to purchase at a point of time at a definite price.

Non linear demand function puts forward that the quantity of a given commodity demanded by consumers in a given economy at different prices is always not constant.

Shift in demand curve refers to either increase or decrease in quantity of a commodity demanded by consumers at different periods of time at the same price.This may be as a result of either increased or decreased abilities of consumers to purchase them due to change in factors which affect demand of commodities like increase in number of consumers.


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