Define market demand function

Answer 1

The market demand function refers to the mathematical relationship between the quantity of a product or service demanded by consumers in a market and the factors that influence that demand. It represents the aggregate demand of all individual consumers in the market. The function typically takes into account variables such as price, income, price of related goods, consumer preferences, and other factors that affect the behavior of buyers. By analyzing the market demand function, economists and businesses can determine how changes in these variables will impact the overall demand for a product or service.