ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The demand for a good increases or decreases depending on several factors. This includes the product’s price, perceived quality, advertising spend, consumer income, consumer confidence, and changes in taste and fashion.

Detailed explanation-2: -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.

Detailed explanation-3: -The income of the consumer increases. Cost of the substitute goods increases. Prices of the complementary goods decreases. Taste and preferences of the consumers increases.

Detailed explanation-4: -Tastes and Preferences of the Consumers: Incomes of the People: Changes in the Prices of the Related Goods: The Number of Consumers in the Market: Changes in Propensity to Consume: Consumers’ Expectations with regard to Future Prices: Income Distribution: