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The Demand Formula
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- 1PxThe price of good x.
If price increases the demand will fall.
If price decreases demand will rise. - 2Pog 1The price of other goods effects demand.
An increase in price of a complimentary good will result in a decrease in demand for this good . Vice Versa. - 3Pog 2If the price of a substitute good falls the quantity demanded of the good itself will fall.
Vice Versa. - 4YThe quantity demanded depends on income.
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- Beschreibung
- Explanation of the demand formula
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- hayley fuentes
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