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What is a Functional Demand?
By functional demand is meant that part of the demand for a commodity is due to the qualities inherent in the commodity itself.On the contrary, non-functional demand is meant that portion of the demand for a consumers' good is due factors other than the qualities inherent in the commodity.For more details on non-functional demand and external factors that influence non-functional demand see:H. Leibenstein, 'Bandwagon, Snob and Veblen Effects in the theory of Consumer Demand', Quarterly journal of Economics(1950), pp. 183-207
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
A certain commodity the supply equation is given S equals 06p plus 08 At a price of 1 there is a demand of 21 units If the demand equation is linear and the market price is 3 find the demand equation?
S=6p+8 Demand at price 3(assuming equilibrium= 6(3)+8=26 at P=3 d=26 s=26 at p=1 d=21 something is wrong here because according to this demand is upward sloping, which means that as p increases, so does demand, which is the opposite of the law of demand.
What is demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
Does the existence of a bandwagon effect makes demand more price elastic at each price?
Yes, it certsinly does. The demand curve will be more elastic if there is a bandwagon effect than if the demand is based only on the functional attributes of the commodity. "BANDWAGON, SNOB, AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS' DEMAND" (Leibenstein, 1950)
What is a Functional Demand?
By functional demand is meant that part of the demand for a commodity is due to the qualities inherent in the commodity itself.On the contrary, non-functional demand is meant that portion of the demand for a consumers' good is due factors other than the qualities inherent in the commodity.For more details on non-functional demand and external factors that influence non-functional demand see:H. Leibenstein, 'Bandwagon, Snob and Veblen Effects in the theory of Consumer Demand', Quarterly journal of Economics(1950), pp. 183-207
What does the equillibrium point on a supply and demand graph represent?
which is true about the functional relationship shown in the graph
Is it possible to have no constant in demand equation or no Y intercept?
Possible, but unlikely.
A certain commodity the supply equation is given S equals 06p plus 08 At a price of 1 there is a demand of 21 units If the demand equation is linear and the market price is 3 find the demand equation?
S=6p+8 Demand at price 3(assuming equilibrium= 6(3)+8=26 at P=3 d=26 s=26 at p=1 d=21 something is wrong here because according to this demand is upward sloping, which means that as p increases, so does demand, which is the opposite of the law of demand.
What is the purpose of the Law of Demand?
The "law of demand" is part of an economic equation that dictates the overall worth and value of a commodity. When an item is in high demand the price will increase, when the demand for an item decreases so will the price.
What is a demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
What is demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
How you identify function based from graphs and equation?
An equation is the same as a function. Identifying a functional relationship from a graph is nearly impossible unless it is trivially simple like a linear relationship.
What is functional reserve?
Functional reserve is like an extra load that can be tolerated on an organ for example if i said: the kidney has a filtrate rate 171.0 this is maximum +/- 7.7 ml per minute.<--- functional reserve The amount ( increase demand) beyond its usual workload i hope this satisfies u
Does the existence of a bandwagon effect makes demand more price elastic at each price?
Yes, it certsinly does. The demand curve will be more elastic if there is a bandwagon effect than if the demand is based only on the functional attributes of the commodity. "BANDWAGON, SNOB, AND VEBLEN EFFECTS IN THE THEORY OF CONSUMERS' DEMAND" (Leibenstein, 1950)
What is the difference between functional and non functional testing?
The difference between functional and nonfunctional is ... functional mostly depends on the domain or x- value in a coordinate- (x,y). I one of the x-values are the same number then the equation becomes NONFUNCTIONAL-for example: (-2,4), (-1,9) (-2,5). Those coordinates would be nonfunctional because there were 2 (-2s). It doesn't matter if the y value -(x,Y) is the same just as long as the x values are differnt numbers it will be functional.
How many different equation types are there?
Thanks to the contributors at Wikipedia here is the answer...Equations can be classified according to the types of operations and quantities involved. Important types include:An algebraic equation is an equation involving only algebraic expressions in the unknowns. These are further classified by degree.A linear equation is an algebraic equation of degree one.A polynomial equation is an equation in which a polynomial is set equal to another polynomial.A transcendental equation is an equation involving a transcendental function of one of its variables.A functional equation is an equation in which the unknowns are functions rather than simple quantities.A differential equation is an equation involving derivatives.An integral equation is an equation involving integrals.A Diophantine equation is an equation where the unknowns are required to be integers.A quadratic equationTo learn more click on the Wikipedia Link in the sources and references section below.
