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- Demographic changes: For example, old people don't generally demand Justin Bieber CDs nor young people demand fake teeth
- Income changes: As a person rises in income level, they demand different goods (for example, An average Nigerian family would not demand cars as opposed to an average Australian family)
- Fashion and taste: Differing fashion means demand for different goods
- Price of substitutes: Substitutes that are goods that can be used instead of a good (coffee can be used instead of tea.) Changes in price of substitute goods can have implication for the demand for a good.
- Price of complements: Complement goods are two or more goods that go together (Computer and mouses) when price for one falls (Computer), it is likely that the complements are demanded more (mouses) and other way around.
Wiki User
∙ 13y ago
Wiki User
∙ 11y agoThe determinants of demand include: consumer tastes and preferences, market size, income, prices of related goods, and consumer expectations.
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What are 5 factors that affect the demand of fast moving consumer good?
The 5 factors that affect the demand of fast moving consumer good include the price, quality, availability, competition and the use of the products. There are many other factors that affect the demand for such commodities
Explain 5 factors that influence the demand of soap manufacturing in Ghana?
answer it
What are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
5 The price of blue jeans has risen substantially in recent years Demand for blue jeans has also been rising This is hard to explain because the law of demand says that higher prices should lead to?
Higher price should lead to Lower Demand?? But Higher Demand lead to Higher price! Who leads to whom?? But I don't think the price is rising, as I just find a good place with cheap blue jeans. It is www.elinestore.com . It seems the price is down and down crazy!!
What do you mean by cross demand?
Demand can be defined as the quantity of goods and services that a consumer is willing and ready to buy and at given price and at a particular period of time. Cross demand can be explain by using the knowledge of cross elasticity of demand. Hence cross demand is the same as cross elesticity of demand. Cross elasticity of demand measured the degree of responsiveness of the demand for one good due to a price change of another good. Complements goods are denoted by negative cross elasticity while substitude goods are denoted by positive elasticity. Cross demand is measured as the percentage change in demand for the first good that occurs in response to a percentage change in price of the second good. Take for instance, if, in response to a 5% increase in the price of Kerosine, the demand of new stove that are kerosine inefficient decreased by 10%, the cross elasticity of demand would be: -10% divided by 5% equal to -1
What are the five factors that lead to change?
1.change can be orderly or random2.change can be natural or caused by people3.change is positive or negative4?5?
What are 5 factors that affect the demand of fast moving consumer good?
The 5 factors that affect the demand of fast moving consumer good include the price, quality, availability, competition and the use of the products. There are many other factors that affect the demand for such commodities
Explain 5 factors that influence the demand of soap manufacturing in Ghana?
answer it
What are 5 factors that can change VO2 max?
showcases
What are the functions of price system?
1 It determines the allocation of scarce resources 2 It induce supply to respond to change in demand 3 It ration out scarce product 4 It indicate change in want 5 It is in use in the production of good and service 6 It determines the reward factors of production
What are 5 factors that are responisiblw for emvormental change?
global warming earth chanes
What is the definition of unit elastic demand?
Unit elastic demand is a type of elasticity when there is a change in the price say from 5 $ to 6 $ , there will be a change in quantity demanded from 6 to 5 . That is when the price changes by one unit, the quantity demanded also changes by 1 unit. revenue remains unchanged.
5 The price of blue jeans has risen substantially in recent years Demand for blue jeans has also been rising This is hard to explain because the law of demand says that higher prices should lead to?
Higher price should lead to Lower Demand?? But Higher Demand lead to Higher price! Who leads to whom?? But I don't think the price is rising, as I just find a good place with cheap blue jeans. It is www.elinestore.com . It seems the price is down and down crazy!!
What are 5 reasons or factors that lead to an empire's Golden Age?
tradegood governmentstrong leadergood armypeace among the empire
What do you mean by cross demand?
Demand can be defined as the quantity of goods and services that a consumer is willing and ready to buy and at given price and at a particular period of time. Cross demand can be explain by using the knowledge of cross elasticity of demand. Hence cross demand is the same as cross elesticity of demand. Cross elasticity of demand measured the degree of responsiveness of the demand for one good due to a price change of another good. Complements goods are denoted by negative cross elasticity while substitude goods are denoted by positive elasticity. Cross demand is measured as the percentage change in demand for the first good that occurs in response to a percentage change in price of the second good. Take for instance, if, in response to a 5% increase in the price of Kerosine, the demand of new stove that are kerosine inefficient decreased by 10%, the cross elasticity of demand would be: -10% divided by 5% equal to -1
What causes a shift in the demand curve?
Economic theory identifies five drivers for change in demand of a given good or service: 1. The number of consumers 2. Price of substitutes and complements 3. Consumer income 4. Tastes and preferences 5. Price expectations Each factor leads to a change in demand, modeled graphically as an inward or outward shift of the demand curve.
How do you calculate Price elasticity of demand?
calculate the following price elasticity of for a price increase from $5-6, 6-7, 7-8 and verify your answer using the total revenue approach:
