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Demand function

The demand for any commodity mainly depends on the price of that commodity. The other determinants include price of related commodities, the income of consumers, tastes and preferences of consumers, and the wealth of consumers. Hence, the demand function can be written as
Dx = f (Px, Ps, Y, T, W), where
Dx = demand for good X
Px = price of good X
Ps = price of related goods
Y = income
T = tastes and preferences of the consumers
W = wealth of the consumer

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