D= f (PX) is a general form of demand function, does not explain the nature and magnitude of the relationship between dependent and independent variable? How will you explain bivariate and multivariate demand functions with reference to price, income, price of related goods (substitute goods) in specific linear and non-linear form of demand function?

D= f (PX) is a general form of demand function, does not explain the nature and magnitude of the relationship between dependent and independent variable? How will you explain bivariate and multivariate demand functions with reference to price, income, price of related goods (substitute goods) in specific linear and non-linear form of demand function?

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter5: Income And Substitution Effects

Section: Chapter Questions

Problem 5.5P

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Ques- D= f (PX) is a general form of demand function, does not explain the nature and magnitude of the relationship between dependent and independent variable? How will you explain bivariate and multivariate demand functions with reference to price, income, price of related goods (substitute goods in specific linear and in-linear form of demand function?
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