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What is the difference between demand function and demand schedule?
Demand schedule: a list of demand/price equivalencies. It can best be seen as a table with discrete points. Demand function: a continuous function of price-demand interaction. Main difference: schedule is discrete; function is continuous.
What is variable demand stochastic demand deterministic demand?
stochastic demand is random demand. it is determined by predictable actions and a random element.
What is the key variable affecting demand?
price
The key variable affecting demand is?
price
What is a demand curve and how it is different from demand function?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
Daily life examples about differential equations?
Here are two variablesDemand and Price, whereas Price is Independent variable &Demand is dependent variable, i.e. if price of something changes the demand will also be affected. Now simple Differential Equation isd (Demand)= constantd (Price)But keep in mind that Price is a function not a simple variable.
Why price an independable variable and demand is dependent variable?
Because demand creates the price, and not the price dictates the demand.
What is the difference between demand function and demand schedule?
Demand schedule: a list of demand/price equivalencies. It can best be seen as a table with discrete points. Demand function: a continuous function of price-demand interaction. Main difference: schedule is discrete; function is continuous.
What is variable demand stochastic demand deterministic demand?
stochastic demand is random demand. it is determined by predictable actions and a random element.
What is the key variable affecting demand?
price
What types of goods have variable demand?
Luxuries
The key variable affecting demand is?
price
What is a demand curve and how it is different from demand function?
The demand curve demonstrates what happens when a product is demanded by customers. A demand function refers to an event that can affect the demand curve.
What is a linear demand function?
It is a function of the form D = ax + b where a and b are some constants and x is a variable which is linearly related to the demand. x could be the price of the goods in question, or be the price of a complementary good, a substitute, or it could be income, or time. Also, a linear relationship does not mean a causal relationship.
Food cost fixed or variable?
The cost of all food is variable, depending on supply and demand.
If the elasticity of demand for a good at a certain price is greater than One we describe demand as?
Variable
Why price on y-axis in demand function?
bez when demand function have price on y-axis, its mean that price have the inverse relation to the demand, in other words price lead to demand curve.
