what are the determinants of demand .explain any four (4) determinants of demand.
Answers
Answer:
Income. When an individual's income rises, they can buy more expensive products or purchase the products they usually buy in a greater volume. ...
Price. ...
Expectations, tastes, and preferences. ...
Customer base. ...
Economic conditions.
Explanation:
The quantity demanded (qD) is a function of five factors—price, buyer income, the price of related goods, consumer tastes, and any consumer expectations of future supply and price. As these factors change, so too does the quantity demanded.
Explanation:
1) Income:— When an individual income rises, they can but more expensive products or purchase the products they usually buy in a greater volume.
2) Price:— the laws of supply and demand dictate that if the cost of a particular product rises demand will decrease.
3) Expectations tastes and preference :— If consumer suspect that the price of a product will rise in a future, the demand for said product will increase in the present.
4) Consumer base :— The more consumer want to purchase a product, the faster demand will rise.