Discuss three factors influencing demand for …

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Yogita Ingle 7 years ago
(a) OWN PRICE OF THE GIVEN COMMODITY
(b) PRICE OF RELATED GOODS
(c) INCOME OF THE CONSUMER
(i) Normal Goods (Positive relation)
These are the goods whose demand rises with the rise in income. E.g. Basmati Rise
(ii) Inferior Goods (Negative relation)
These are the goods whose demand falls with the rise in income and vice versa. e.g. Low quality rice.
(iii) Necessities:
A third category is also there, necessities, demand for these generally do not change with change in income e.g. life-saving drugs.
(d)TASTE AND PREFERENCES OF THE CONSUMER
1Thank You