Answer:
Linear function may not be adequate for describing the supply and demand functions.
Step-by-step explanation:
We have to explain why a linear function may not be adequate for describing the supply and demand functions.
- Linear functions are extremely simple functions
- They are of the form: [tex]y = f(x) = ax+b[/tex]
- Linear function is straight line function with one dependent anf one independent variable.
- Supply and demand function is a complicated function and phenomenon and thus, linear functions cannot be used to approximate supply and demand.
- The supply and demand function cannot be adequately described by linear function due to its simplicity.
- Other functions that can be used to describe supply and demand function are quadratic function, functions with higher degree polynomials, exponential functions based on factors like time and place, etc.
- It the rate of change is not constant then it would mean change in slope which cannot be described by a linear function.
