The Probert Encyclopaedia of Money

MARSHALLIAN DEMAND FUNCTION

In economics, the Marshallian demand function is a function that expresses the quantities of goods demanded by an individual in terms of the price of a good and the income of the individual. The sum of Marshallian demands represents the indirect utility function. An increase in the price of a good will affect Marshallian demands in two ways: through the price change itself and through the effective change in the value of the individual's income. The concept was introduced by Alfred Marshall.
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