ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
a decrease in the price of microwave ovens
|
|
|
an anticipated price fall for microwave ovens
|
|
|
a lowering of production costs or cheaper resource prices
|
|
|
a rise in household disposable income
|
Detailed explanation-1: -A few reasons driving the market growth for microwave ovens in India include an increase in the number of nuclear households with increased disposable income, an increase in the number of working women in metropolitan areas, and an increase in the demand for refrigerated or prepped items.
Detailed explanation-2: -To increase disposable income, one can earn more and/or reduce their tax liability. In aggregate, when disposable income increases, households have more money to either save or spend, which naturally leads to a growth in consumption.
Detailed explanation-3: -Revenue in the Microwave Ovens segment amounts to US$197.50m in 2023. The market is expected to grow annually by 4.65% (CAGR 2023-2028). In global comparison, most revenue is generated in the United States (US$1, 889.00m in 2023).
Detailed explanation-4: -Revenue in the Microwave Ovens segment amounts to US$9.02bn in 2023. The market is expected to grow annually by 4.19% (CAGR 2023-2027). In relation to total population figures, per person revenues of US$1.17 are generated in 2023. In the Microwave Ovens segment, volume is expected to amount to 81.5m pcs.