What do economists use to describe the amount of good x that will be purchased at different prices of good x, at different prices of related goods, and at alternative income levels?

Demand Function : The demand function for good X describes how much X will be purchased at alternative prices of X and related goods, alternative levels of income, and alternative values of other variables that affect demand.

What is Demand Function?

Demand function represents the relationship between the quantity demanded for a commodity (dependent variable) and the price of the commodity (independent variable).

Demand Function Formula

Mathematically, a function is a symbolic representation of the relationship between dependent and independent variables.

Let us assume that the quantity demanded of a commodity X is Dx, which depends only on its price Px, while other factors are constant. It can be mathematically represented as:

Dx = f (Px)

However, the quantitative relationship between Dx and Px is expressed as:

Dx = a – b(Px)

Where a (intercept) and b (relationship between Dx and Px) are constants.

Types of Demand Function

There are Two types of demand function are:

Linear demand function
Non linear demand function

Learn more about Demand Function on:

brainly.com/question/24384825

#SPJ4