Demand function, Microeconomics

Demand Function

The function capturing the dependent relationship between the price people are willing to pay for products or service and other factors related to that product or service. These other factors include the cost associated with making the product, the technology employed in making the goods, the number  of vendors operating in a market, the price at which competing vendors are providing same products, and the supply of the product available to clients.

Posted Date: 10/16/2012 5:21:13 AM | Location : United States

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(a)    Explain why the Pareto criterion does not provide a complete ordering of the ordinal utility space (b)   The competitive equilibrium is the only allocation where the gain