Explain the demand for a commodity, Managerial Economics

Assignment Help:

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.


Related Discussions:- Explain the demand for a commodity

Homework, What market type does the company you work for operate under? Wha...

What market type does the company you work for operate under? What makes you think this? Do you think that this is the right market type for your company to operate in? Explain you

Principles, what is the full concept of discounting principles of manageria...

what is the full concept of discounting principles of managerial economics ?

Low fidelity prototyping technique, You have recently gained employment wit...

You have recently gained employment with a computer consultancy company. Due to your specialist knowledge in the areas of Human Factors and usability, your manager considers that y

Evaluate total cost - fixed and variable, Q. Evaluate Total Cost - Fixed an...

Q. Evaluate Total Cost - Fixed and Variable ? Total cost (TC) of the firm is a function of output (q). It would increase with the increase in output, which is, it differs dire

Recession, Causes of the Nigeria recession

Causes of the Nigeria recession

What is monopoly, Q. What is Monopoly? The term 'Monopoly' has been der...

Q. What is Monopoly? The term 'Monopoly' has been derivative of Greek term 'Monopolies' that means a single seller. So, monopoly is a market condition in that there is a single

Unemployment rate to the desired level, Suppose that the present level of i...

Suppose that the present level of income in the economy is $700 billion. It is determined that in order to decrease the unemployment rate to the desired level, it will be essential

two employees at a yearly rate, A profit-maximizing firm faces the followi...

A profit-maximizing firm faces the following options for hiring workers: a) Assume the firm has limited space so that it can only hire one worker. Which type of employee sh

Calculate the output and price in market, Question: Discuss the pricing...

Question: Discuss the pricing practices adopted by firms under different market structures. OR A firm produces a good, which is sold on delivery and in restaurants. The d

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd