Factors affecting demand function
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Demand: It is the willingness and ability of a consumer to purchase a good or service at a given price.
Demand has many factors which may affect it.
1- Its usefulness.
2- The available substitutes in the market against that good or service. Example: Pepsi and coke.
3- The complementary goods in the market
Example: If demand of cars rise, the demand of petrol will also rise
4- Weather conditions
Example: In summers we demand cool clothing, in winters we demand warm clothing.
5- Trend or fashion
Example: Change in style of clothing, or patterns, or designs
6- Marketing of that good or service
Example: The more you advertise, the more you'll penetrate your market and more chances of high demand for that product.
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