(Solved): Make up a demand function (here, remember the law of demand). Draw the demand curve based on your fu ...

Expert Answer

---

A demand function is a mathematical representation that shows the relationship between the quantity of a good or service that consumers are willing and able to purchase (demand) and the factors that influence it, such as price, income, prices of related goods, consumer preferences, and other relevant variables.
The demand function typically takes the form of an equation or formula and expresses the quantity demanded (Q) as a function of various determinants. The most common form of a demand function is the price-demand relationship, where the price of a product (P) is the primary determinant of the quantity demanded (Q).



Let's create a demand function based on the law of demand, which states that as the price of a good or service increases, the quantity demanded decreases, all other factors being equal.