When creating a demand function, we would not use data on

Question

Quizplus · Accepted Answer

The demand function primarily focuses on the relationship between the price of a good and the quantity demanded by consumers. It incorporates factors like consumer income, the price of the good (our prices), and advertising, which can affect consumer preferences and demand. Production costs, however, are related to the supply side and do not directly influence the consumer's demand for a product.

When Creating a Demand Function, We Would Not Use Data