Expectation of the Future Price (E
Expectation of the Future Income (E
Number of Consumers (N)
Distribution of Consumers (D)
(An algebraic expression of the relationbetween demand for a commodity & itsdeterminants)D = f (P, Y, T, P
, N, D, A…..n )
Law of Demand
“Other things remaining the same,there is an inverserelationship betweenthe price of a commodity & its quantitydemanded”.
Various quantities of a commoditydemanded at different price levels.
IDS: Individual Demand Schedule
MDS: Market Demand Schedule