Demand Function In Economics Class 11 Notes

Demand function in economics class 11 notes provides a concise explanation of the concept. These notes are essential for reviewing and studying class material for better comprehension and exam preparation. Using these notes, which are effective and concise, you can save time, energy, and confusion that frequently results from attempting to make sense of unorganized, overwhelming, inadequate, or wordy notes. These notes can be very helpful when making outlines and studying.




Demand Function in economics 

The demand function shows the relationship between the quantity demanded of a particular commodity and the factors influencing it. It can be either concerning one consumer (individual demand function) or all the consumers in the market (market demand function).

Individual Demand function

Individual demand function refers to the functional relationship between individual demand and the factor affecting individual demand.

It is expressed as

Dx = f (Px, Pr, Y, T, F)




Where

Dx = Demand for commodity x

Px = Price of the given commodity x,

Pr = Prices of Related Goods

y = Income of the consumer

T = Tastes and Preferences

F = Expectation of change in price in the future.

Market Demand Function  

Market demand function refers to the functional relationship between market demand and the factors affecting market demand. The market demand function can be expressed as

Dx = Market demand of commodity x,

Px = Price of given commodity x,

Pr = Prices of related goods;

y = Income of the consumers;

T = Tastes and Preferences,

F = Expectation of change in price in the future;

Po = Size, and composition of population;

S = Season and weather;

D = Distribution of Income.




Demand function in economics class 11 notes Not only do characteristics of demand class 11 notes save students’ energy and time during the exam, but they also make it easier to recall information in a shorter amount of time. Not only do the study notes help students remember important information, but they also make it easier for them to write quickly on the exam if they come prepared by reading them.

Unit 5: Consumer’s Equilibrium and Demand