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Explain the demand for a commodity
The functional relationship between demand for a commodity and its various determinants may be expressed mathematically in terms of a demand function,
thus:
Dx = f (PX, Py, M, T, A, U) where, Dx = Quantity demanded for commodity X. f = functional relation. PX = the price of commodity X. Py = the price of substitutes and complementary goods. M = the money income of the consumer. T = the taste of the consumer. A = the advertisement effects. U = Unknown variables or influences.
points and its explanation
Milton Friedman makes the demand for money a function of the real per capital permanent income. in this study the demand function for money is stated as; M/NPP= r( YP/NP) δ W
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