Does anyone have any theories what the demand curve equation should generally look like based upon empirical data? If anyone needs a set of data-points, I'll be happy to provide it, but I'm hoping there's someone out there who's looked at some data sets and has an idea what the general form could be.
locked by Community♦ Nov 9 '12 at 3:56
closed as off topic by Eric Naslund Nov 9 '12 at 3:56
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According to current laws of supply and demand, in general, it is either linear or exponential. However, it does vary based on different goods. Economics is a science but it heavily relies on data and many assumptions, e.g., rationality. Also, many economists believe every human being simply wants to maximize utility, etc. If you show that the demand curve is not linear or exponential (over a long period of time) you may win the Nobel Prize.