Question

Explain any three determinants of demand for a commodity by a household. ​

Answer 1

ANSWER = The Five Determinants of Demand

The Five Determinants of DemandThe five determinants of demand are:

1The price of the good or service.

2The income of buyers.

3The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.

4The tastes or preferences of consumers will drive demand.

5Consumer expectations. Most often, this refers to whether a consumer believes prices for the product will rise or fall in the future.

For aggregate demand, the number of buyers in the market is the sixth determinant.

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Answer 2

Explanation:

DETERMINANTS OF A HOUSEHOLD DEMAND:-

Household demand is also known as individual demand.

It is the demand made by a individual also called household (as per market perspective).

1. PRICE OF THE COMMODITY:-

The demand of a commodity is determined by it's price.

If the price of a commodity increases its purchase quantity would decrease and if vice versa the price of a commodity decrease its purchase quantity increases.

Therefore the the price of the commodity and the quantity demanded are in indirect proportion.

2. PRICE OF RELATED PRODUCTS:-

If the price of a commodity (satisfying the same demand) increases then purchase quantity or demand of similar good increases or if vice versa happens and the price of a commodity satisfying the same demand decreases the purchase quantity or demand of the similar good decreases .....hence the prices and the quantity of similar goods are directly proportional.

3. Taste and Preferences of the consumer:-

The phenomenon of increase and decrease in price and quantity demanded is dependent on the taste and Preferences of the consumer .

Any change in Fashion or other resources that can change the taste of the consumer can readily change the demand and quantity of the goods.

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