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Earn +20 ptsQ: What is the meaning dependent and independent in demand forecast?
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Why price an independable variable and demand is dependent variable?
Because demand creates the price, and not the price dictates the demand.
Daily life examples about differential equations?
Here are two variablesDemand and Price, whereas Price is Independent variable &Demand is dependent variable, i.e. if price of something changes the demand will also be affected. Now simple Differential Equation isd (Demand)= constantd (Price)But keep in mind that Price is a function not a simple variable.
What is the abbreviation for 'demand'?
There is not a formal abbreviation for the word demand. However, there are abbreviations for services such as video on demand (VOD) that you get from your television provider.
List the factors that affect demand and explain only three?
demand
The price elasticity of demand is the ratio of the?
Change in the demand for a goods and the change in its price. The ratio is negative but the negative sign is usually dropped.
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