demand function

Definitions

Economics

Health Economics

  • (written as Demand Function)
    The demand function is a mathematical representation of the maximum rate of demand as the dependent variable and its various determinants. In a simple example the amount of something demanded is a function of its relative price, buyers' incomes and their 'tastes'. The demand curve is a two-dimensional representation of this function in which responses to changes in price are seen as movements along the demand curve and responses to changes in income are seen as shifts of the entire demand curve.
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