Sally's current income is $10,000. a). Calculate Sally's demand for X as a function of prices and incomes. Is good X normal? Please show all work. b). How much X and Y will Sally demand at current ...

The utility function can be used to derive the demand function, and both concepts relate to utility maximization.

Realized demand is observed over time, but the underlying functional relationship between price and mean demand rate that governs these observations (otherwise known as the demand function or demand ...

American Journal of Agricultural Economics, Vol. 91, No. 4 (Nov., 2009), pp. 1110-1123 (14 pages) In this article, we advocate more extensive use of the benefit function in specifying price-dependent ...