ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Demand will be influenced by the taste and preference of the consumer positively. If the tastes and preferences are positive then demand will be increased and vice versa.

Detailed explanation-2: -A change in the taste and preferences may also cause shifts in the demand curve. A rise in the desire for a product will cause a rightward shift in the demand curve and vice versa.

Detailed explanation-3: -’Tastes and preferences’ is the phrase economists use to refer to everything we want in life. These preferences can be little things, like what toppings we like on our pizza, or bigger things, like what kind of work we like doing or how we like to spend our free time.

Detailed explanation-4: -Changing tastes or preferences Changes like these are largely due to movements in taste, which change the quantity of a good demanded at every price-that is, they shift the demand curve for that good, rightward for chicken and leftward for beef.

Detailed explanation-5: -Taste, in particular, has an important input into food preference, permitting individuals to differentiate nutritive and harmful substances and to select nutrients. To be perceived as taste, gustatory stimuli have to contact specialized receptors and channels expressed in taste buds in the oral cavity.