The Demand Formula

Descripción

Explanation of the demand formula
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Resumen del Recurso

Pregunta Respuesta
Px The price of good x. If price increases the demand will fall. If price decreases demand will rise.
Pog 1 The 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.
Pog 2 If the price of a substitute good falls the quantity demanded of the good itself will fall. Vice Versa.
Y The quantity demanded depends on income.
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