ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -The tastes and preferences of consumers are affected due to various factors, such as life styles, customs, common habits, and change in fashion, standard of living, religious values, age, and sex. ADVERTISEMENTS: A change in any of these factors leads to change in the tastes and preferences of consumers.

Detailed explanation-3: -An important factor which determines demand for a good is the tastes and preferences of the consumers for it. A good for which consumers’ tastes and preferences are greater, its demand would be large and its demand curve will lie at a higher level.

Detailed explanation-4: -1] Price of the Product. Browse more Topics under Theory Of Demand. 2] Income of the Consumers. 3] Prices of related goods or services. 4] Consumer Expectations. 5] Number of Buyers in the Market.

Detailed explanation-5: -Price of product. The single-most impactful factor on a product’s demand is the price. Tastes and preferences. Consumer’s income. Availability of substitutes. Number of consumers in the market. Consumer’s expectations. Elasticity vs. inelasticity.