List the factors affecting supply and demand curve
Answers
factors of supply
1) price of commodity
price increases supply increases and vice versa
2) goals of consumer
goals to sell more commodity then supply will increase
3) state of technology
technology increases supply increses and vice versaer
4) government policy
more tax less supply and vice versa
factors of demand
1) price of commodity
price increases demand decreases and vice versa
2) price of related goods
a) substitute goods
increase price of one commodity demand for another commodity increases and vice versa. example :- tea and coffee
b) complementary goods
increase price of one commodity demand for another commodity decreases and vice versa. example :- petrol and car
3) taste aand preference
in favourable case demand of commodity increases and vice versa
4) income of cosumer
income ncreases demand increases and vice versa