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Galileo used a telescope to observe the phases of the sun.
Demand Function
A mathematical expression representing the relationship between the quantity demanded of a good and its influencing factors like price, income, and preferences.
Supply Function
A mathematical representation of the relationship between the quantity of a good or service that producers are willing to sell and the price of that good or service.
Equilibrium Price
The price point in the market where the amount of goods being offered matches the amount of goods consumers want to buy.
Inverse Demand Function
A mathematical function showing the relationship between the price of a good and the quantity demanded, illustrating how price can be determined as a function of quantity.
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