What is the difference between a demand function and a demand curve?

What is the difference between a demand function and a demand curve?

How will each of the following affect the position of the demand curve for videocassette recorders?
a. An increase in the price of VCR tapes.
b. A decrease in the price of VCRs.
c. An increase in per capita income.
d. A decrease in the price of movie tickets.

If the demand for a product is inelastic, what will happen to total revenue if price is increased? Explain.

What signs are the cross elasticities for substitute products? Explain.

Solution Preview

Demand curve is the graphical representation of the demand function. The demand function relates price and quantity demanded. It tells how many units of a good will be purchased at different prices. In general, at higher prices, less will be purchased, so demand curves slope downward. The market demand function is calculated by adding up all of the individual consumers' demand functions.

The demand curve described by the demand function, and is the relationship between quantity and its own price, given all other factors constant.

Demand function on the other hand, is the mathematical function that relates price and quantity demanded for goods or services.

It is the relationship between quantity demanded and all the factors: Q=f(p,pg,pt,y)

It tells how many units of a good will be purchased at different prices. The market demand function is calculated by adding together all of the individual consumers' demand functions.

The question asked that suppose that the Organization of Petroleum Exporting Countries raises oil prices by 50 percent in 2005. What effect will thishave on the U.S. Aggregate demandcurve? On the U.S. Short-run aggregate supply curve?

Could you please help with these problems involving the market demand curve.
1. The market demand curve for a product always slopes downward to the right. Yes or no? Explain.
2. Is there a differencebetween a movement along a demand curve andthe shift of thedemandcurve? Yes or no? Explain.
3. Why are managers intere

OTA, I have learned thus far in my Economics course regarding Elasticity being a vital concept. From the standpoint of a manager and as a typical consumer, explain in your own words, based on your experience and education, how elasticity was a tool for managerial decision-making at Southwest Airlines at a time when airline price

Starting with the estimated demandfunction for Chevrolet given in problem 2, assume that the average value of the independent variables changes to N=225 million, I= 12,000, PF=10,000, Pg=100 cents, A=250,000, and p1=0 (ie. The incentives are phased out).
3(a). Find the equation of the new demand curve for Chevrolets.
3(b).

1) A product's Demand Curve is: Qd = - P + 25, and its Supply Curve is: Qs = 10 + 2P.
Algebraically determine the equilibrium price and quantity.
2. The figure below shows a firm in a perfectly competitive market:
a. Determine the Shut- down Price
b. Identify the firmÃ¢??s short run

Quantity Price Elasticity
Demanded
100 $ 5
80 $10
60 $15
40 $20
20 $25
10 $30
1. Determine the price elasticity of demand at each quantity demanded using the formula % chg in QD divided by % chg in price.
2. Redo #1 using price changes of $

1. Suppose the market demand curve for a Product is given by Q = 250 - 5P andthe market supply curve is given by Q = -50 + 25P.
1. What are the equilibrium price and quantity in this market?
2. At the market equilibrium, what is the price elasticity of demand?
3. Suppose the price in this market is $8. What is the amou

Show the equilibrium price and quantity for a given supply anddemand curve and graph their relationship.
Annual demandand supply for the Electronic firm is given by:
QD = 5,000 + 0.5 I + 0.2 A - 100P, and
QS = -5000 + 100P
Where, Q is the quantity per year, P is price, I is income per household, and A is advertising ex

Suppose a firm's demand curve is given by P=120-0.5Q. Find the (value of) price elasticity of demand (point elasticity) for thedemand curve when the price is $100. Is demand elastic or inelastic?
Once it's determined to be elastic or inelastic, how do you come to that conclusion?