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At any given price, the corresponding value on the demand schedule is the sum of all consumers’ quantities demanded at that price. Generally, there is an inverse relationship between the price and the quantity demanded. [1] [2] The graphical representation of a demand schedule is called a demand curve. An example of a market demand schedule
Maximum Demand Indicator (MDI) is an instrument for measuring the maximum amount [clarification needed] of electrical energy required by a specific consumer during a given period of time. [1] MDI instruments record the base load requirement of electrical energy .
Example: If a residence has equipment which could draw 6,000 W when all equipment was drawing a full load, drew a maximum of 3,000 W in a specified time, then the demand factor = 3,000 W / 6,000 W = 0.5 This quantity is relevant when trying to establish the amount of load for which a system should be rated.
Instead a load profile can be inferred from customer billing or other data. An example of a practical calculation used by utilities is using a transformer's maximum demand reading and taking into account the known number of each customer type supplied by these transformers. This process is called load research.
Each demand curve (demand as a function of price) is a step function: the consumer wants to buy zero units of a good whose utility/price ratio is below the maximum, and wants to buy as many units as possible of a good whose utility/price ratio is maximum. The consumer regards the goods as perfect substitute goods.
In microeconomics, a consumer's Marshallian demand function (named after Alfred Marshall) is the quantity they demand of a particular good as a function of its price, their income, and the prices of other goods, a more technical exposition of the standard demand function.
The notions of maximal and minimal elements are weaker than those of greatest element and least element which are also known, respectively, as maximum and minimum. The maximum of a subset S {\displaystyle S} of a preordered set is an element of S {\displaystyle S} which is greater than or equal to any other element of S , {\displaystyle S,} and ...
In addition, the AIDS system has been used as a brand demand system to determine optimal consumption rates for each brand using product category spending and brand prices alone. [ 3 ] Assuming weak separability of consumer preferences, the optimal allocation of expenditure among the brands of a given product category can be determined ...