ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adding new technology
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Income
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Population
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Taste and Preferences
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Detailed explanation-1: -Answer and Explanation: Technological improvements in production is not a determinant of demand.
Detailed explanation-2: -Consumer’s Income. Price of Related Goods. Tastes and Preferences of Consumers. Consumer’s Expectations.
Detailed explanation-3: -Answer and Explanation: Income is not a determinant of supply.
Detailed explanation-4: -Demand Equation or Function 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-5: -Price of product. Tastes and preferences. Consumer’s income. Availability of substitutes. Number of consumers in the market. Consumer’s expectations. Elasticity vs. inelasticity.