One of the major demanded in economics is the quantity demanded , which is basically a demand over a big amount of goods and service in a particular time , this demand has a rule , when the price increases the demand for the good or service decreases but when the price decreases the demand for the good or service increases , this is one of the law of demand
Activity
Choose an item in your country
What are the factors that change affect the demand of the product
Which factor is the most important and why ?
My country product would be pen , one of the factors that affect the demand of the product is its cheapness of the product , we get it for 5 to 10 rupees in India , the demand for the item raises due to its cheapness , as kids have to write a lot in CBSE , State board and more , they need more pens , kids easily buy 5 to 10 pens for 5 to 10 rupees. It's mostly important in India due to the educational boards , CBSE is one of the most attended boards in India , CBSE board makes the children write a lot which finishes the ink of the pens thus children buy more pen for cheap and for a better quantity , yearly 1600 million to 2400 millions pens are produced yearly
Function of demand in the market" refers to the relationship between the quantity of a good or service that consumers are willing to purchase and the price of that good or service in the market. In economics, the demand function represents the various quantities of a product that consumers are willing and able to buy at different prices, holding all other factors constant.
The demand function is typically represented graphically as a downward-sloping curve, indicating that as the price of a product decreases, the quantity demanded by consumers increases, and vice versa. This relationship is fundamental to understanding consumer behavior and market dynamics.