Answer to Question #177756 in Economics for Lee

Question

Qd= 24 - 3p

Answer 1

The demand function is a mathematical equation that expresses the demand for a product or service depending on its price and other factors such as prices for substitutes and complementary goods, income, and so on.

The demand function creates a relationship between the demand (required quantity) for a product (which is the dependent variable) and factors affecting demand, such as the price of the product, the price of substitute and complementary goods, average income, and others (which are independent variables).